Nigeria on Monday formally handed over the fully furnished headquarters of the Africa Energy Bank to the Association of African Petroleum Producing Countries, marking a major milestone in efforts to unlock sustainable financing for oil and gas investments across the continent.
The handover ceremony took place in Abuja and was led by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, alongside the President of APPO, who is also Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly, senior officials of APPO and representatives of Afreximbank, the bank’s financial partner.
The Africa Energy Bank is now housed on the third floor of the newly built Afreximbank African Trade Centre, strategically located in Abuja’s Central Area.
Speaking at the event, Lokpobiri said the completion and delivery of the headquarters marked the fulfilment of Nigeria’s commitments as host country, stressing that the Federal Government was determined to ensure the bank commences operations no later than June 2026.
“Today, we are formally here to report to you, as President of APPO, that Nigeria has met all our commitments. The last commitment was the bank headquarters. Mr President, once again, I welcome you, and we are formally handing over this furnished African Energy Bank to APPO and Afreximbank. Nigeria is very happy today because this represents the fulfilment of our commitment,” the minister said.
He explained that Nigeria had gone through several options before settling on the current facility, which he described as fit-for-purpose and fully paid for by the Federal Government.
“This is about the third building. The first one was too big, the second one had location issues, and eventually, we are happy that we got this one. It is furnished, paid for, and Nigeria is formally handing it over today,” Lokpobiri stated.
The minister stressed that all delays that previously slowed the bank’s take-off had now been resolved, adding that the institution was of strategic importance to Africa’s energy future.
“Earlier, we said the bank needed to take off by the end of April. All the issues that delayed it have now been sorted out, including this building. Nigeria is committed to doing everything necessary for the bank to take off because of its strategic importance to oil and gas investment in Africa,” he said.
Lokpobiri said the Africa Energy Bank was conceived in response to the continent’s long-standing difficulty in accessing affordable financing for fossil fuel projects, amid increasing global pressure against hydrocarbon investments.
“Africa’s biggest challenge is finance. The Global North is using finance as a weapon against the developing South, particularly Africa. We are victims of global emissions, yet we are told to stop exploiting our God-given resources,” he said.
According to him, recent global shifts have vindicated Africa’s long-held position on energy transition.
“Thank God those who once campaigned against fossil fuels are now talking about the energy mix. Even the International Energy Agency has admitted that the world needs up to $700bn in fossil fuel investment every year for the next 25 years, otherwise we face a global energy crisis,” Lokpobiri noted.
He added that fossil fuels would remain dominant for decades, while Africa continued to struggle with energy poverty.
“Fossil fuel will still be the most dominant source of energy for the foreseeable future. Africa is blessed in abundance, but the problem is finance. That is why this bank was conceived,” he said.
Lokpobiri explained that the Africa Energy Bank would serve about 18 member countries and the entire continent, supporting exploration, production and energy infrastructure development.
He outlined the next steps towards operationalisation.
“From here, there will be shareholder meetings, appointment of management and board, recruitment of staff, and other procedures that are followed globally. Today’s ceremony is symbolic, Nigeria made a commitment and has fulfilled it,” he added.
In his remarks, APPO President Mamadou Sangafowa-Coulibaly commended Nigeria for its leadership and reaffirmed the organisation’s commitment to ensuring the bank begins operations within months.
“On behalf of APPO and all our members, I thank the Republic of Nigeria and the Minister of Petroleum. As we visited this beautiful location, I said to myself: This is a critical milestone,” he said.
He described the headquarters as well-designed and suitable for a financial institution.
“This building is very functional for a bank. We are all committed to launching this bank as soon as possible, no later than June this year, and possibly even earlier,” Sangafowa-Coulibaly stated.
He noted that the availability of a headquarters cleared one of the final hurdles to the bank’s launch.
“To allow the bank to take off, we needed an office and shareholders. We now have them. The next step is to go to the General Assembly and formally launch the bank,” he added.
APPO Secretary-General, Farid Ghezali, said the bank would play a crucial role in mobilising capital for Africa’s resource development.
“Our interest is to make finance available for our members and even beyond, so we can invest in the exploration and exploitation of our natural resources for the benefit of our people,” he said.
Ghezali praised the partnership with Afreximbank, describing it as critical to the bank’s credibility and success.
PUNCH Online reports that the Africa Energy Bank is a joint initiative of APPO and Afreximbank, designed to address the growing financing gap for oil and gas projects in Africa amid global divestment from fossil fuels.
The bank is expected to provide funding for upstream, midstream and downstream projects, support energy security, and help African countries monetise their hydrocarbon resources responsibly.
Nigeria emerged as the host country following a competitive bidding process and committed to providing the bank’s headquarters, alongside other logistical and financial obligations.
With the handover of the Abuja headquarters, stakeholders say the bank is now firmly positioned to begin operations and reshape energy financing across Africa.
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