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By Adewale Sanyaolu
Stakeholders have hailed the $5 billion African Energy Bank as a long-overdue initiative that could reduce Africa’s reliance on external financing and accelerate the continent’s energy transition.
This formed the highlight of the 23rd Annual Aret Adams Memorial Lecture Series 2026 in Lagos, organised by the Aret Adams Foundation in honour of the late Chief Godwin Aret Adams, former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).
The African Energy Bank, a joint initiative of African Petroleum Producers’ Organisation (APPO) member states and the African Export-Import Bank (Afreximbank), will be headquartered in Abuja.
Speaking at the event, Bismarck Rewane, Managing Director/Chief Executive Officer of Financial Derivatives Co. Limited, said the bank is key to Nigeria’s ambition of becoming a $1 trillion economy by 2030.
“The African Energy Bank in Abuja is a key step for energy finance in Africa and will boost investment across the continent,” Rewane said. He warned, however, that Nigeria must urgently close its energy gap and manage resources efficiently even as the bank is launched.
Highlighting Africa’s vast untapped energy potential, including oil, gas, hydro, and solar, Rewane noted that per capita electricity consumption remains among the world’s lowest. He projected that with current financing and policy initiatives, Africa’s energy sector could transform within five years.
Rewane outlined plans for a balanced energy mix of solar, wind, hydro, and gas, alongside accelerated rural electrification. He also forecast significant growth in green hydrogen and emerging technologies, positioning Africa as a global player in next-generation clean energy solutions. He stressed that the bank will drive industrialisation, job creation, strategic energy reserves, and long-term sustainability, making energy a catalyst for Africa’s economic growth.
In his remarks, Layi Fatona, Chairman of the Aret Adams Foundation Governing Council, praised the late Adams for his lasting impact on Nigeria’s oil and gas sector and supported government reforms under President Bola Tinubu to return the petroleum industry to its roots. On his part, Charles Osezua, Chairman of the Foundation’s Board of Trustees, commended federal efforts to improve financing access for capital-intensive energy projects, noting that the initiative exemplifies how challenges can be turned into solutions.
The Aret Adams Foundation, established in 2003, promotes excellence, transparency and capacity building in Nigeria’s oil and gas sector through scholarships, academic chairs, and annual lectures addressing industry challenges.
