FG Completes Headquarters of AED, Newest Bank in Nigeria, Set To Commence Operations
- Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has confirmed that the headquarters of the $5 billion Africa Energy Bank (AEB) is completed
- He noted that the bank is ready for operations and that Nigeria has met all host‑country obligations, and believes the bank will be a game‑changer for Africa’s energy financing
- The bank will begin with initial funding in excess of $5 billion, with long‑term plans to grow its portfolio to around $120 billion for more impact
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria says the headquarters of the $5 billion African Energy Bank (AEB) is ready for operations, marking a major milestone in the establishment of one of Africa’s most anticipated financial institutions.
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil) revealed this during an inspection of the newly completed facility in Abuja.
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Lokpobiri noted that Nigeria has fulfilled all commitments required of it as the host country.
He said:
"The headquarters is ready, tastefully furnished in the best location, and so we're ready for the bank's takeoff."
He added that the launch of the AEB comes at a critical time for Africa, as global financiers increasingly impose restrictions on fossil fuel investments.
Why Africa Energy Bank
The bank aims to close this gap by supporting upstream exploration, refinery upgrades, natural gas infrastructure, power generation, and cleaner energy technologies through Africa-led financing, rather than depending on institutions whose focus has shifted away from hydrocarbons.
During the inspection, Minister Lokpobiri was accompanied by Dr. Omar Farouk Ibrahim, Secretary-General of the African Petroleum Producers’ Organisation (APPO), and Haytham El Maayergi, Executive Vice President of the African Export-Import Bank (Afreximbank).
The minister emphasised that their visit underscores the importance of completing final preparations ahead of the bank’s formal commissioning, Punch reports.
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Lokpobiri further clarified that the handover of the building will take place soon, with final administrative steps already underway, Vanguard reports.
He said:
"These are details that will be finalised once they are ready to visit. We plan to invite APPO ministers to inspect the headquarters. This is what we promised, and we have fulfilled it. The building is complete and ready to be handed over."
He stressed that Nigeria’s swift completion of its obligations demonstrates a strong commitment to regional energy cooperation:
"The key point is that we have fulfilled our responsibilities. As the host country, we delivered all that was required, signaling that the bank is progressing smoothly."
Summit bank launches operations in Nigeria
Earlier, Legit.ng reported that Summit Bank has disclosed that it received a licence from the Central Bank of Nigeria (CBN) to begin operations.
The new licence brings the total number of full-fledged non-interest banks in Nigeria to six.
Summit Bank’s managing director and CEO, Dr Sirajo Salisu, said the bank is fully operational and ready to provide ethical and inclusive banking services to individuals, SMEs, and larger organisations.
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Source: Legit.ng
