Nigeria has formally handed over the fully furnished headquarters of the Africa Energy Bank to the Association of African Petroleum Producing Countries, marking a major milestone in efforts to unlock sustainable financing for oil and gas investments across the continent.
The handover ceremony took place in Abuja on Monday and was led by Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, alongside APPO President Mamadou Sangafowa-Coulibaly, who is also Côte d’Ivoire’s Minister of Mines, Petroleum, and Energy. Senior APPO officials and representatives of Afreximbank, the bank’s financial partner, were also present.
The Africa Energy Bank is now housed on the third floor of the newly built Afreximbank African Trade Centre, strategically located in Abuja’s Central Area.
Speaking at the event, Lokpobiri said that the completion and delivery of the headquarters marked the fulfilment of Nigeria’s commitments as host country, stressing that the Federal Government was determined to ensure the bank commences operations no later than June 2026.
“Today, we are formally here to report to you, as President of APPO, that Nigeria has met all our commitments. The last commitment was the bank headquarters. Mr President, once again, I welcome you, and we are formally handing over this furnished African Energy Bank to APPO and Afreximbank. Nigeria is very happy today because this represents the fulfilment of our commitment,” the minister said.
He explained that Nigeria had gone through several options before settling on the current facility, which he described as fit-for-purpose and fully paid for by the Federal Government.
“This is about the third building. The first one was too big, the second one had location issues, and eventually, we are happy that we got this one. It is furnished, paid for, and Nigeria is formally handing it over today,” Lokpobiri stated.
The minister stressed that all delays that previously slowed the bank’s take-off had now been resolved, adding that the institution was of strategic importance to Africa’s energy future.
“Earlier, we said the bank needed to take off by the end of April. All the issues that delayed it have now been sorted out, including this building. Nigeria is committed to doing everything necessary for the bank to take off because of its strategic importance to oil and gas investment in Africa,” he said.
Lokpobiri said the Africa Energy Bank was conceived in response to the continent’s long-standing difficulty in accessing affordable financing for fossil fuel projects, amid increasing global pressure against hydrocarbon investments.
“Africa’s biggest challenge is finance. The Global North is using finance as a weapon against the developing South, particularly Africa. We are victims of global emissions, yet we are told to stop exploiting our God-given resources,” he said.
According to him, recent global shifts have vindicated Africa’s long-held position on energy transition.
Lokpobiri explained that the Africa Energy Bank would serve about 18 member countries and the entire continent, supporting exploration, production, and energy infrastructure development.
In his remarks, APPO President Mamadou Sangafowa-Coulibaly commended Nigeria for its leadership and reaffirmed the organisation’s commitment to ensuring the bank begins operations within months.
“On behalf of APPO and all our members, I thank the Republic of Nigeria and the Minister of Petroleum. As we visited this beautiful location, I said to myself: this is a critical milestone,” he said.
GIK/APA