By Nchetachi Chukwuajah
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says the Africa Energy Bank (AEB) will begin operations in Nigeria in April after the country reportedly fulfilled all obligations required to host the bank.
Lokpobiri disclosed this in Abuja during the handover ceremony of the bank’s headquarters to the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO).
According to a statement issued on Tuesday, February 3, by the Nigerian Content Development and Monitoring Board (NCDMB) announcing the milestone, Nigeria has completed its final obligations for the launch of the AEB, paving the way for the institution to commence operations.
The AEB is meant to address the longstanding funding crisis in the African oil and gas industry, driven by the global energy transition as traditional financiers continue to withdraw support for fossil fuels due to climate change concerns.
At the handover ceremony, Lokpobiri said the bank is expected to start operations “by April at the latest,” as all factors causing delays, including the headquarters, have now been resolved.
He said the Federal Government had completed the procurement, construction, and furnishing of the bank’s headquarters.
“We are now formally handing over this furnished Africa Energy Bank to APPO and Afreximbank,” he said.
The minister said Nigeria has “fulfilled all its commitments, and the last commitment was this bank.”
He revealed that attempts were made to build the bank three times, but they did not pull through for various reasons.
Lokpobiri said, “Attempts were made to construct the bank three times. The first was discarded for being too enormous, and the second was not accepted because of its location. We are happy that we got this one right.
“It is paid for and furnished, and Nigeria is happy to hand over this well-furnished Africa Energy Bank building to APPO and Afreximbank, who are the enablers of the bank.
“Because of the strategic importance of the bank to oil and gas investment in Africa, we will do everything in our power to ensure the bank takes off.”
Recall that the Ministry of Petroleum Resources had, in November 2024, said the bank would commence operations on January 28, 2025, but the deadline was later shifted to the first quarter (Q1) of the year.
In May 2025, the NCDMB also stated the bank would be open for business before the end of the second quarter (Q2) of 2025, but the deadline was missed.
