Lokpobiri Inspects AEB Headquarters as Unveiling of $5bn Bank Nears

•Says all set for takeoff of energy-focused financial institution

Emmanuel Addeh in Abuja

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, yesterday, carried out an inspection of the proposed headquarters of the $5 billion African Energy Bank (AEB), saying the bank is fully ready for takeoff.

At the event in Abuja, Lokpobiri explained that Nigeria had delivered on all its obligations to the bank.

AEB is a new continental financial institution created to support Africa’s energy sector, with a particular focus on oil, gas and renewable transition projects. It was jointly initiated by African Petroleum Producers’ Organisation (APPO) and African Export-Import Bank (Afreximbank).

Its central purpose is to provide long-term, Africa-led financing for energy development at a time when global lenders are withdrawing support for fossil fuel projects. The bank is designed to help African countries fund upstream exploration, refinery upgrades, gas infrastructure, power generation and cleaner-energy investments without relying heavily on external institutions that now prioritise climate-related restrictions.

Lokpobiri inspected the headquarters in Abuja alongside APPO Secretary General, Dr. Omar Farouk Ibrahim, and Afreximbank Executive Vice President (EVP), Mr. Haytham El Maayergi.

The minister stated, “I came to inspect the headquarters, furnishing of the Africa Energy Bank and I’m happy to disclose to the world and Nigerians and Africans that Nigeria has delivered on all the obligations made for us to fulfil as host country.

“The headquarters is ready, tastefully furnished in the best location and so we’re ready for the bank’s to takeoff. So we’re waiting for APPO and AfreximBank, who are the drivers of this process, to facilitate the takeoff of the bank.

“But what Nigerians and the world need to know today is that as a host country we have met all our obligations and the building is ready. The bank is ready to go.”

On whether AEB had been officially handed over, Lokpobiri stated that the details were being worked out for the formal takeover.

He said, “These are details that will be worked out any day they are ready to come. But we’re trying to invite the APPO ministers to come to Nigeria so that we can show it to them and say, look, this is what we promised. We fulfilled it. The building is ready. And then we’ll hand it over. But it is ready.

“The important point is that we have met our obligation. As a host country, we provided everything that is expected of us as a host country to provide. So is this an indication that the bank is well on its way.”