Tinubu in Full Support As Another Bank Set To Begin Operation in Nigeria, Location, Date Confirmed
- African Energy Bank (AEB) have entered its final phase before it fully commences operations in Nigeria
- The Nigerian Content Development and Monitoring Board says the bank will be open for business in the second quarter of 2025
- The AEB's mission is to facilitate, promote, and finance the development of Africa's oil, gas, and energy industries
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Content Development and Monitoring Board (NCDMB) has announced that the Africa Energy Bank (AEB) will commence operations before the end of the second quarter of 2025.
Felix Ogbe, Executive Secretary of NCDMB, disclosed this during the Nigerian Oil and Gas Opportunity Fair (NOGOF 2025) on Wednesday, May 22.
Source: UGC
He confirmed that the bank, which was initially slated for a January 28 launch, has now entered its final stage before it is open for business.
Ogbe expressed confidence that the AEB will play a pivotal role in providing financial support to indigenous companies once fully operational.
His words:
"I am happy to announce the establishment of the Africa Energy Bank, with its headquarters proposed for Abuja.
"The bank will enhance funding availability for local entities, fostering innovation through initiatives like the Nigerian Oil and Gas Technology (NOGTECH) Hackathon.”
Ogbe urged international oil companies (IOCs) to prioritise partnerships with local firms, in compliance with Nigerian laws promoting indigenous participation, The Cable reports.
Lokpobiri gives update on African Energy Bank
Also, Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), confirmed that the launch of the AEB is now one step away.
Source: Getty Images
The bank, with an initial capital target of $5 billion and plans to scale up to $120 billion, aims to mobilise funding for energy projects across Africa at a time when many countries are facing declining foreign investments due to global energy shifts.
He also expressed gratitude to President Bola Tinubu for his support and stressed Nigeria's leadership in Africa’s hydrocarbons sector, the Cable reports.
Lokpobiri said:
,“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.
“Many thanks to President Bola Tinubu for his support and commitment to seeing this project to fruition.”
“Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa."
Funded by Afreximbank, APPO member states, national oil companies, and private sector investors, the bank is headquartered in Abuja, Nigeria.
New commercial bank set to begin operations
Earlier, Legit.ng reported that NOVA Merchant Bank has disclosed plans to commence full commercial banking operations.
The bank’s chairman, Philips Oduoza, said the bank has chosen Lagos as the first state to begin its operations
He told the Lagos state governor, Babajide Sanwo-Olu, that they chose the state because of its friendly business environment
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Source: Legit.ng
