.As Afreximbank assures readiness to provide structuring expertise, capital strength to ensure successful launch
CHIGOZIE AMADI
The Federal Government has concluded key legal and governance frameworks required for the operational rollout of the African Energy Bank as preparations for its official launch enter the final phase.
This was disclosed during a high-level review meeting held in Abuja and hosted by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, with the President of the African Export-Import Bank, Prof. Benedict Oramah, and the Secretary General of the African Petroleum Producers Organisation, Omar Farouk Ibrahim, in attendance.
A statement by the Special Assistant on Media and Communications to the Minister, Nneamaka Okafor, on Sunday, said the meeting assessed progress on the bank’s establishment and confirmed that critical milestones had either been completed or were progressing on schedule.
“The AEB is poised to become a transformative financing platform for energy projects across the continent. This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners,” Lokpobiri was quoted as saying.
He expressed appreciation to President Bola Tinubu for his continued support and commitment to the project.
Lokpobiri noted that, beyond the completion of regulatory frameworks, discussions on capital mobilisation had also recorded “encouraging commitments from both member nations and private investors.”
He added that Nigeria’s role as the host country for the bank reaffirmed its leadership position in Africa’s hydrocarbon sector.
Also speaking, APPO’s Secretary General, Ibrahim, commended Nigeria’s dedication to meeting the requirements for the bank’s establishment.
“We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment. The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans,” he said.
On his part, Prof. Oramah stated that Afreximbank was ready to provide its structuring expertise and capital strength to ensure the successful launch of the bank.
“Afreximbank is ready to deploy its structuring expertise and capital base to ensure the AEB launches with the strength and credibility required to attract global co-investors,” he said.
The statement noted that the parties had fixed a definitive timeline and date for the inaugural board meeting, which will be publicly announced soon.
Lokpobiri reiterated the stakeholders’ commitment to transparency and efficiency in the final stages of the bank’s takeoff.
“Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” he said.
The African Energy Bank is expected to play a pivotal role in closing the energy investment gap on the continent by financing both traditional and renewable energy projects tailored to Africa’s developmental needs.
The bank failed to begin operations in March as promised by the Petroleum Minister.
In February, Lokpobiri said the building hosting the bank in Abuja, the Federal Capital Territory, was receiving finishing touches.
Lokpobiri also disclosed that the bank has already raised $19bn for the take-off of the Energy Bank in Abuja.
