The launch of the $5 billion African Energy Bank is in its final stages, with legal and regulatory processes almost completed.
Heineken Lokpobiri, minister of State for Petroleum Resources (Oil), disclosed this during a high-level meeting with key stakeholders in Abuja.
Present at the meeting were Benedict Oramoh, president of Afreximbank, and Omar Farouk Ibrahim, secretary general of the African Petroleum Producers’ Organisation (APPO).
According to a statement shared by Nneamaka Okafor, special adviser to the Minister on Media and Communication, Lokpobiri confirmed that the bank’s launch is progressing as significant milestones have been completed or are currently on schedule.
He highlighted that the AEB would become a transformative financing platform catalyzing Africa’s energy projects while appreciating President Tinubu for his unwavering support to ensure the success of the project.
Ibrahim commended Nigeria’s speed and dedication in handling the project.
“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,” he said.
Oramah emphasized how Nigeria is putting appropriate measures in place to ensure the bank launch with credibility, while emphasizing Afreximbank’s commitment to providing the necessary technical and financial framework to facilitate the success of the launch and strengthening AEB to attract global investments.
The stakeholders confirmed that the official launch date had been finalised and will be announced soon.
