Africa Energy Bank takes off soon as Lokpobiri inspects facility

Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has announced that the Africa Energy Bank (AEB) will soon take off as the facility is at its final stage.

Nigerian Tribune recalled that Nigeria won the bid to host the Africa Energy Bank (AEB) in July 2024 after a competitive bidding process that included other countries like Ghana, Algeria, and South Africa.

 The $5 billion bank, established by the African Petroleum Producers Organisation (APPO) and the African Export-Import Bank (Afreximbank), aims to bridge financing gaps for energy projects across the continent.

Inspecting the facility in Abuja, Lokpobiri said with the bank’s completion, Nigeria has fulfilled its obligation as a host country.

Lokpobiri said, “I came to inspect the headquarters furnishing of the Africa Energy Bank and I’m happy to disclose to the world and Nigerians and Africans that Nigeria has delivered on all the obligations made for us to fulfill as host country.

“The headquarters is ready, tastefully furnished in the best location and so we’re ready for the bank to take off. So, we’re waiting for APPO and African Bank that are the drivers of this process to facilitate the takeoff of the bank. What Nigerians, and the world need to know today is that as a host country we have met all our obligations and the building is ready. The bank is ready to go.”

Also speaking, APPO’s secretary general, Omar Farouk Ibrahim, said the AEB would be operated under three classes of shareholders with APPO and Afreximbank at the topmost shareholder position.

Added that to (Ibrahim), the organisation will not surrender the objectives of setting up the Bank for any other investments which he said is motivated by the need for the continent to be able to control the activities of the bank with the possibilities of generating funds locally.

He said: “There is the challenge of funding, because in the last 70 to 100 years that Africa has been producing oil and gas, we have failed to raise the capital necessary to control that industry and we have relied heavily on outside forces, outside resources. We have been made to believe that we don’t have the money to invest, but it’s not true. The second is technology. Again, for the 70 to 100 years that we’ve been doing this, we have failed to be able to domesticate, take control of the oil and gas industry.”

“Even when IOCs come to Africa to do business, their research and innovation centers are in their home countries.

“As for markets, we are told that we are too poor to buy energy, so the infrastructure to make energy go around is not even there. If you go to every African country that produces oil and gas, the pipelines run from the fields to the seaports to be exported,” Ibrahim added.”