The Federal Government has finalized essential legal and governance frameworks required to begin operations of the African Energy Bank (AEB), with preparations for its official launch now entering the final phase.

The progress was announced during a high-level review meeting hosted by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, in Abuja. The meeting included the President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, and the Secretary General of the African Petroleum Producers Organisation (APPO), Omar Farouk Ibrahim.

A statement from Nneamaka Okafor, Special Assistant on Media and Communications to the Minister, said the meeting assessed the bank’s establishment progress and confirmed that critical milestones have either been completed or are on track.

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.”

He also thanked President Bola Tinubu for his ongoing support and emphasized that discussions on capital mobilisation have received encouraging commitments from both member countries and private investors.

“Nigeria’s role as the host country for the bank reaffirms its leadership position in Africa’s hydrocarbon sector,” Lokpobiri added.

Omar Farouk Ibrahim of APPO praised Nigeria’s efforts, stating, “We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment. The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans.”

Prof. Benedict Oramah affirmed Afreximbank’s readiness to contribute its structuring expertise and capital strength to ensure a successful launch. “Afreximbank is ready to deploy its structuring expertise and capital base to ensure the AEB launches with the strength and credibility required to attract global co-investors,” he said.

The statement noted that a definitive timeline and date for the bank’s inaugural board meeting have been set and will be publicly announced soon.

Lokpobiri stressed the stakeholders’ commitment to transparency and efficiency during the final stages. “Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” he said.

The African Energy Bank aims to address Africa’s energy investment gap by financing both traditional and renewable energy projects tailored to the continent’s development needs.

The bank’s operations were initially scheduled to begin in March but did not commence as planned. In February, Lokpobiri revealed that the bank’s headquarters in Abuja was nearing completion.

He also disclosed that $19 billion has already been raised to support the bank’s launch in Abuja.