The Federal Government has revealed that the head office of the $5 billion Africa Energy Bank, to be hosted in Nigeria, is now fully completed and ready for use.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the disclosure on Thursday in Abuja after inspecting the newly furnished facility, affirming that Nigeria has fulfilled all commitments required as the host country.
Nigeria was declared the winner of the hosting rights for the bank’s headquarters in July 2024, after competing with Ghana, Algeria, South Africa, and the Benin Republic.
The $5 billion Africa Energy Bank was established not only to address the financial needs of the continent’s energy sector but also to provide a platform for mobilising investments in oil and gas projects, which are vital for Africa’s economic growth and development.
However, the bank has already missed two self-imposed take-off timelines, first in January 2025 and again in June 2025.
Speaking to journalists after the inspection, Lokpobiri described the headquarters as “tastefully furnished, world-class and strategically located,” adding that the ball is now in the court of APPO and Afreximbank to finalise commencement protocols.
“I’m happy to disclose to Nigerians, Africans and the world that Nigeria has delivered on all obligations as the host country,” he said.
“The headquarters is ready, tastefully furnished, in the best location. We are ready for the bank to take off.”
He added that all modalities for formal handover were being concluded.
“We will invite APPO ministers to Nigeria to show them what we promised and have fulfilled. Once they are here, we will hand it over,” he said.
Lokpobiri stressed that the completion of the complex signifies that the bank’s operational launch is imminent.
“The building is ready; the bank is ready to go,” he added.
The Africa Energy Bank aims to address long-standing financing gaps that have stalled major exploration and infrastructure projects in Africa.
APPO, founded in 1987, represents oil-producing countries across the continent and has been at the forefront of campaigns for African-led solutions to energy development.
The PUNCH
