Nigeria Completes Final Obligations for Africa Energy Bank Launch
Nigeria has completed its final obligations toward the establishment of the Africa Energy Bank, clearing the way for the institution to commence full operations.
This was disclosed on Monday in Abuja during the formal handover of the bank’s headquarters by the Federal Government to the African Petroleum Producers’ Organization (APPO) and Afreximbank.
Speaking at the ceremony, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, confirmed that the Federal Government had concluded the procurement, construction and furnishing of the bank’s headquarters, describing it as the last major requirement for the bank to take off.
“Nigeria has fulfilled all her commitments, and the last commitment was this bank,” the minister said.
Senator Lokpobiri explained that previous attempts to build the headquarters were unsuccessful due to concerns over design and location. According to him, the first proposed structure was rejected for being excessively large, while the second was turned down because of its location.
“Attempts were made to construct the bank three times. The first was discarded for being too enormous, and the second was not accepted because of its location. We are happy that we got this one right,” he stated.
He noted that the newly completed headquarters is fully furnished, paid for and ready for immediate use, stressing Nigeria’s satisfaction in handing over the facility to the bank’s promoters.
“It is paid for and furnished, and Nigeria is happy to hand over this well-furnished Africa Energy Bank building to APPO and Afreximbank, who are the enablers of the bank,” Lokpobiri said.
The minister reaffirmed the Federal Government’s commitment to the success of the Africa Energy Bank, citing its strategic importance to oil and gas investment across the continent.
“Because of the strategic importance of the bank to oil and gas investment in Africa, we will do everything in our power to ensure the bank takes off,” he added.
He further disclosed that the bank is expected to commence operations by April, noting that all outstanding issues that previously delayed its take-off have now been resolved.
“We have scheduled the bank to take off by April at the latest, as all the issues that were causing delays, including the headquarters, have now been resolved,” he said.
Formally handing over the facility, Senator Lokpobiri declared: “We are now formally handing over this furnished Africa Energy Bank to APPO and Afreximbank.”
The Africa Energy Bank is expected to play a critical role in financing energy projects and boosting oil and gas investments across Africa.
