By Obinna Uballau
There are renewed expectations for Africa’s oil and gas industry as the Africa Energy Bank (AEB) is now set to commence operations in Nigeria by April, following the completion of all hosting requirements by the Federal Government.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this in Abuja during the formal handover of the bank’s headquarters to the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO).
The AEB is designed to tackle the growing funding challenges confronting the African oil and gas sector as global financiers increasingly withdraw support for fossil fuel projects in response to climate change concerns and the energy transition agenda.
In a statement issued on Tuesday, the Nigerian Content Development and Monitoring Board (NCDMB) confirmed that Nigeria had met all its obligations for hosting the bank, clearing the path for the institution to begin full operations.
Lokpobiri noted that previous delays had been resolved, particularly the issue surrounding the bank’s permanent headquarters, adding that the government had completed the procurement, construction, and furnishing of the facility.
“We are now formally handing over this furnished Africa Energy Bank to APPO and Afreximbank,” the minister said on Monday.
He added that Nigeria had fulfilled every commitment required to host the bank, explaining that earlier attempts to provide a suitable structure had been unsuccessful.
“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,” he said.
The planned take-off of the bank has experienced multiple postponements. In November 2024, the Ministry of Petroleum Resources had announced that the bank would begin operations on January 28, 2025. The timeline was later adjusted to the first quarter of the year.
In May 2025, the NCDMB also projected that the bank would commence business before the end of the second quarter, but that deadline was equally missed.
