ABUJA, May 19 (AGCNewsNet) – The Federal Government of Nigeria has completed the crucial legal and governance frameworks necessary for the operational rollout of the African Energy Bank (AEB), as preparations move into the final phase ahead of its official launch.

The announcement was made during a high-level review meeting held in Abuja, hosted by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri. The meeting was attended by key stakeholders including Prof. Benedict Oramah, President of the African Export-Import Bank, and Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers’ Organization (APPO).

A statement from Nneamaka Okafor, Special Assistant on Media and Communications to the Minister, said the review assessed progress on the bank’s establishment, confirming that critical milestones have been either completed or are on schedule.

“The AEB is poised to become a transformative financing platform for energy projects across the continent. This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners,” Lokpobiri said.

The Minister expressed gratitude to President Bola Tinubu for his continued support and commitment to the project. He also highlighted encouraging commitments on capital mobilisation from member nations and private investors, reinforcing Nigeria’s leadership as the host country in Africa’s hydrocarbon sector.

APPO Secretary General Omar Farouk Ibrahim praised Nigeria’s dedication to meeting the stringent requirements for establishing the bank, emphasizing the unified resolve to deliver affordable and sustainable energy to Africans.

Prof. Benedict Oramah assured that Afreximbank is ready to leverage its structuring expertise and capital strength to ensure the successful launch of the AEB, aiming to attract global co-investors.

The parties involved have set a definitive timeline and will announce the inaugural board meeting date soon. Lokpobiri reiterated the stakeholders’ commitment to transparency and efficiency in the final stages of the bank’s takeoff.

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

The African Energy Bank is expected to bridge the energy investment gap on the continent by financing both traditional and renewable energy projects aligned with Africa’s development needs.

Despite initial delays, the bank building in Abuja is nearing completion, and the bank has already secured $19 billion for its launch.

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Source: The Punch