Lokpobiri: African Energy Bank in final phase after conclusion of legal frameworks

Heineken Lokpobiri, minister of state for petroleum resources (oil), says preparations for launching the $5 billion African Energy Bank (AEB) have entered the final phase.

Lokpobiri spoke during a high-level review meeting in Abuja over the weekend, where he hosted Benedict Oramah, president of Afreximbank, and Farouk Ibrahim, secretary-general of African Petroleum Producers’ Organisation (APPO).

According to a statement by Nneamaka Okafor, the minister’s special adviser on media and communication, Lokpobiri said key legal and governance frameworks have been concluded.

The minister also said capital mobilisation discussions had recorded encouraging commitments from both member nations and private investors.

“The AEB is poised to become a transformative financing platform for energy projects across the continent,” Lokpobiri said.

“This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners.

“Many thanks to President Bola Tinubu for his support and commitment to seeing this project to fruition.”

He added that Nigeria’s role as host country reflected its long-standing leadership within Africa’s hydrocarbon sector.

The minister reiterated the stakeholders’ commitment to transparency and efficiency throughout the final preparatory stages.

“Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” Lokpobiri added.

On his part, Ibrahim said the speed and quality of Nigeria’s preparations reflect its seriousness about energy financing reform on the continent.

“We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment,” the APPO secretary-general said.

“The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans.”

Oramah said the bank was ready to deploy its structuring expertise and capital base to ensure AEB was launched with the strength and credibility required to attract global co-investors.

“This bank must launch with credibility — and Nigeria is laying the right foundation,” the president of Afreximbank added.

According to the stakeholders, the AEB’s board inauguration and official launch date have been finalised and will be announced shortly.

In November 2024, Lokpobiri said the AEB will commence operations on January 28, 2025, but the deadline was missed.

Also, on February 11, Lokpobiri said the AEB will be launched in the first quarter (Q1) of 2025, however, the promise was unfulfilled.