The Federal Government has revealed that the head office of the $5 billion Africa Energy Bank, to be hosted in Nigeria, is now fully completed and ready for use.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the disclosure on Thursday in Abuja after inspecting the newly furnished facility, affirming that Nigeria has fulfilled all commitments required as the host country.
Nigeria was declared the winner of the hosting rights for the bank’s headquarters in July 2024, after competing with Ghana, Algeria, South Africa, and the Benin Republic.
The $5 billion Africa Energy Bank was established not only to address the financial needs of the continent’s energy sector but also to provide a platform for mobilising investments in oil and gas projects, which are vital for Africa’s economic growth and development.
However, the bank has already missed two self-imposed take-off timelines, first in January 2025 and again in June 2025.
Speaking to journalists after the inspection, Lokpobiri described the headquarters as “tastefully furnished, world-class and strategically located,” adding that the ball is now in the court of APPO and Afreximbank to finalise commencement protocols.
“I’m happy to disclose to Nigerians, Africans and the world that Nigeria has delivered on all obligations as the host country,” he said.
“The headquarters is ready, tastefully furnished, in the best location. We are ready for the bank to take off.”
He added that all modalities for formal handover were being concluded.
“We will invite APPO ministers to Nigeria to show them what we promised and have fulfilled. Once they are here, we will hand it over,” he said.
Lokpobiri stressed that the completion of the complex signifies that the bank’s operational launch is imminent.
“The building is ready; the bank is ready to go,” he added.
The Africa Energy Bank aims to address long-standing financing gaps that have stalled major exploration and infrastructure projects in Africa. With global lenders retreating from fossil fuel financing due to energy transition pressures, African oil-producing nations are seeking homegrown funding models to protect their economies and energy security.
APPO, founded in 1987, represents oil-producing countries across the continent and has been at the forefront of campaigns for African-led solutions to energy development.
Speaking earlier, APPO Secretary-General Omar Farouk Ibrahim explained that the bank would operate under three classes of shareholders, with APPO and Afreximbank occupying priority shareholder positions to ensure African control and autonomy.
He said the decision was deliberate to prevent the bank from being shaped by foreign investors whose interests may conflict with Africa’s development priorities.
“Africa has relied heavily on external financing for 70 to 100 years of oil and gas production, and that has limited our control over the industry,” he said.
According to him, a comprehensive APPO study identified three critical challenges facing Africa’s hydrocarbons sector: limited funding, inadequate technology, and weak markets.
“We have been made to believe that we don’t have the money to invest, but it’s not true. Even when IOCs operate in Africa, their research centres are in their home countries,” he said.
He added that despite being major producers, African nations still lack infrastructure and markets to consume their own energy.
“In many producing countries, pipelines run from the fields straight to seaports for export because we are told we are too poor to buy energy,” he noted.
The bank is expected to commence full operations once APPO and Afreximbank complete administrative and regulatory processes.
The Africa Energy Bank, an initiative of APPO and the African Export-Import Bank, is expected to mobilise capital for oil, gas, and renewable projects across the continent amid shrinking global financing for fossil fuels.
For Nigeria, hosting the headquarters strengthens its position as the continent’s energy hub and aligns with the Tinubu administration’s drive to expand investment in the oil and gas sector.
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