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.

In a statement titled ‘Clarification on NNPCL Refinery Operations’, Lokpobiri said:

“My attention has been drawn to statements made by Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, who represented me at a recent conference in Lagos. I wish to categorically state that the claim that I directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries is false.

“This does not represent my position as Minister overseeing the oil sector, nor does it reflect the stance of the Federal Government.

“It is important to clarify that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management.

“The Ministry of Petroleum Resources does not control or run NNPCL, as it operates independently like any corporate entity.

“The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining.

“We encourage companies, including NNPCL, to operate independently, following global best practices. While we provide strategic guidance, we do not interfere directly in the operations of these companies.

“I reaffirm our commitment to supporting the growth and independence of NNPCL, ensuring that its operations are in line with international standards for efficiency and transparency and profitability”.