Preparation in top gear as Minister Lokpobiri confirms African Energy Bank launch

Preparations for the launch of the African Energy Bank (AEB) have entered their final phase following a high-level review meeting in Abuja as the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D, hosted the President of Afreximbank, Prof. Benedict Oramah and the Secretary General of the African Petroleum Producers’ Organization (APPO), Dr Omar Farouk Ibrahim.

In a statement signed by Nneamaka Okafor, SA Media to the Minister, Senator Lokpobiri stated that, “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. Many thanks to President Bola Ahmed Tinubu, for his supports and commitment to seeing this project to fruition.”

The Minister added that key legal and governance frameworks have been concluded, while capital mobilisation discussions have recorded “encouraging commitments from both member nations and private investors.” He emphasised that Nigeria’s role as host country reflects its long-standing leadership within Africa’s hydrocarbon sector.

Dr Ibrahim commended the pace of work: “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.”

Echoing this sentiment, Prof Oramah noted that 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.”

During the briefing, the parties confirmed that a definitive launch timeline and inaugural board meeting date have been fixed and are expected to be announced shortly.

The Minister reiterated the stakeholders commitment to transparency and efficiency throughout the final preparatory stages. “Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” Senator Lokpobiri added.