Another Bank Set To Begin Operation in June, Headquarters Completed in Abuja
- Nigeria has officially handed over the African Energy Bank (AEB) headquarters in Abuja
- The AEB, a joint initiative of APPO member states and Afreximbank, aims to mobilise capital for energy projects
- The bank will fund projects across the energy value chain, including exploration, refining, and renewables
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 has officially handed over the headquarters of the African Energy Bank (AEB) in Abuja, and it is expected to commence operation by June 2026.
This was disclosed by Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) on Tuesday, February 3, 2026.
Source: Getty Images
African Energy Bank headquarters now ready
Speaking at the AEB headquarters handover ceremony, which took place on the sidelines of the 9th Nigeria International Energy Summit (NIES), Lokpobiri said the country had fulfilled all obligations as host.
He said:
“The headquarters is ready, strategically located, and fully equipped, and we are prepared for immediate take-off."
Also speaking, Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Colibaly, who is also president of the African Petroleum Producers’ Organisation (APPO), commended Nigeria for its leadership role and confirmed that the Bank is on track to begin operations within the next few months.
Colibaly said:
“We are committed to launching this Bank no later than June. I sincerely thank our partners for providing the headquarters and office that make this take-off possible.
"The African Energy Bank represents Africa’s commitment to finance, develop, and secure its own energy future by Africans, for Africans.”
Source: Getty Images
The event underscored a unified African resolve to take greater ownership of the continent’s abundant natural resources, Leadership reports.
By offering targeted financial instruments, the Bank will support projects across the energy value chain, including exploration, refining, renewable energy integration, and local content development.
Experts at the summit emphasised that the African Energy Bank is more than a financial institution; it is a cornerstone of Africa’s broader quest for economic independence and lasting energy security.
The handover signals the beginning of a new era where Africans are determined to finance, produce, and sustain their own energy future.
What to know about African Energy Bank
With the headquarters now in place and fully operational, the African Energy Bank is poised to strengthen regional energy markets, enhance value addition, and provide sustainable development financing for energy projects across the continent.
The AEB is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank).
Its core mandate is to mobilise domestic and regional capital for energy infrastructure, reduce Africa’s reliance on external financing, and align investments with long-term development and industrialisation goals.
The bank is expected to reach an asset base of $120 billion within the next five years.
World Bank backs out of oil-funding deal
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited declared that it would formally proclaim its readiness to accept the $2 billion loan secured by crude oil when it is ready.
The corporation was reportedly in talks for another oil-backed loan on Tuesday in order to strengthen its finances and enable investment in its operations.
The oil company wants to raise at least $2 billion with the proposed new loan, according to people familiar with the matter who spoke with Reuters.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
