Felix Ogbe, the executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB)
The Nigerian Content Development and Monitoring Board (NCDMB) says the Africa Energy Bank (AEB) will be open for business before the end of the second quarter (Q2) of 2025.
In November 2024, the ministry of petroleum resources said the $5 billion AEB will commence operations on January 28, but the deadline was missed and later shifted to the first quarter (Q1) of the year.
Speaking on Wednesday at the Nigerian Oil and Gas Opportunity Fair (NOGOF 2025), Felix Ogbe, NCDMB’s executive secretary, said once fully operational, the bank would make funds available to indigenous companies.
“I am happy to announce that the Board alongside other stakeholders recently formed the Africa Energy Bank with the proposed Headquarters in Abuja,” he said.
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“The Bank will be open for business before the end of the 2nd quarter in 2025. We are hopeful that this will create more funding availability for local companies.
“We are also fostering innovation through the Nigerian Oil and Gas Technology (NOGTECH) Hackathon and incubating new ideas that will drive digital transformation and sustainability.”
Ogbe encouraged international oil companies (IOCs) to make a conscious effort to engage local companies in line with the provisions of its laws.
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He said the NOGOF 2025 edition coincides with the 15th year anniversary of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
Ogbe said Nigeria now retains 56 percent of its oil and gas industry value — up from 5 percent in 2010.
“The journey from 5 percent to 56 percent in-country value retention in just over a decade demonstrates that Nigerian content has moved from aspiration to execution,” he said.
“We now boast ISO-certified fabrication yards, modular refineries, and marine vessel ownership—all delivered by Nigerians.”
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In his address, Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said attracting both local and foreign investment requires concerted efforts to create an enabling environment characterised by stability, transparency, and regulatory certainty.
Komolafe, represented by John Tonlagha, executive commissioner of health, safety, environment and community (HSEC), said the commission’s mission in promoting sustainable value creation is geared towards driving investment and production growth.
He said the commission intends to foster local expertise, achieve a reduction in dependency on foreign companies, and create a robust, self-sustaining industry.
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