Nigeria officially turned over the Africa Energy Bank’s (AEB) headquarters to the African Petroleum Producers’ Organization (APPO) yesterday, marking a significant turning point in Africa’s push for energy financing and laying the groundwork for the $5 billion financial institution to launch before the middle of the year.
Nigeria was instrumental in the establishment of the bank, which is anticipated to close Africa’s long-standing funding shortages in the development of oil and gas. Government officials and important continental stakeholders were present during the symbolic transfer ceremony, which took place in Abuja.
The transfer of the fully furnished headquarters is the last commitment needed for the bank to start operations, according to Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), who spoke at the event and said Nigeria had fulfilled all of its responsibilities as the host nation.
The process of finding a suitable headquarters had not been easy, according to Lokpobiri, who pointed out that two previous sites had been turned down because of issues with size and location until the current location was ultimately decided upon. He emphasized that, in accordance with its obligations as the host nation, Nigeria had purchased, paid for, and outfitted the building totally.
“As President of APPO, we are formally here today to inform you that Nigeria has fulfilled all of its obligations. And this bank was the last pledge. Additionally, as previously said, this relates to the third one.
“The first one was too large, and the second one had a location problem as well, but finally we managed to get this one, which is furnished and paid for, and Nigeria is officially very happy today to hand over this furnished Africa Energy Bank building premises to APPO and Afreximbank, which are the enablers of the AEB,” Lokpobiri emphasized.
He went on to say that since the headquarters problem had been fixed, all obstacles that had impeded the bank’s growth had been removed, allowing operations to start as early as the end of April. He said that the bank’s establishment was strategically significant for oil and gas investment throughout the continent at a time when access to foreign funding had become more difficult.
The bank was established in response to what Lokpobiri called the weaponization of money against the advancement of Africa. Despite their small contribution to global emissions, he contended, African nations were frequently under pressure to stop developing their fossil fuel resources, despite the continent’s ongoing energy poverty.
He pointed out that the global narrative was changing, with proponents of a quick energy transition now recognizing that fossil fuels continue to dominate the world’s energy balance and that persistent investment totaling hundreds of billions of dollars is required each year. He claimed that despite Africa’s abundant oil and gas resources, the continent has been hindered by a lack of access to financing, which is why the bank’s foundation is crucial.
Nigeria has fulfilled all of its financial and material responsibilities in this regard. Africa’s financial situation is difficult.Global emissions are our victims. However, each time they advocate for Africa to stop utilizing God-given resources,” Lokpobiri said.
The minister clarified that the bank will serve the entire continent outside of member nations, stressing that the necessary protocols will be closely adhered to to guarantee that everything is done correctly.
“This bank will service not just APPO member countries, which are about eighteen, but the entire African continent,” Lokpobiri stated, adding that the organization would adhere to standard governance practices, such as holding shareholder meetings, appointing board members and management, and hiring employees once operations started.
In his speech, Mamadou Sangafowa-Coulibaly, the Ivorian Minister of Mines, Petroleum, and Energy and the 2026 President of APPO, called the handover a significant turning point in the lengthy process of founding the bank.
Sangafowa-Coulibaly commended Nigeria for providing a well-designed and operational headquarters, stating that the establishment of a permanent office addressed one of the final practical challenges. With the potential for an earlier opening, he stated that APPO was totally committed to making sure the bank launched by June at the latest.
He stated, “We now have a headquarters, which we needed to enable this bank to flourish.” “All that’s left is to formally establish the bank at the General Assembly. We all want this to happen as quickly as possible,” he continued.
He also emphasized the collaboration with Afreximbank, characterizing it as a key asset for the new organization. With APPO offering strategic guidance centered on the energy requirements of member nations and the larger continent, he said that Afreximbank’s experience managing a continental financial institution would be crucial as the Africa Energy Bank gets underway.
Speaking as well, APPO Secretary General Farid Ghezali characterized the occasion as the realization of a goal that many had previously believed was unachievable. Infrastructure and symbolism must now give way to delivery and concrete outcomes for Africans, he said.
“This used to be a dream, but it has now come true,” Ghezali remarked. Africans require every drop of oil and every BTU of gas, so we must collaborate to turn this endeavor into a success. Without energy, industrialization and economic freedom cannot exist, he noted.
Noting that the Africa Energy Bank was a step toward economic and energy sovereignty for the continent, Ghezali emphasized that Africa could no longer rely exclusively on external financing cycles, which were frequently erratic and politically motivated.
Additionally, he reiterated Afreximbank’s dedication to making sure the new bank is successful from the very beginning, pointing out that the collaboration between Afreximbank and APPO coupled technical banking know-how with a thorough comprehension of Africa’s energy objectives.
Energy is essential for industrialization and economic freedom, which is why the energy bank is so important. Furthermore, we cannot rely on external funding for energy, which is subject to fluctuations. It is unaffordable for Africa. Thus, we’re making history and building a significant foundation for Africa’s economic sovereignty,” he emphasized.
