Nigeria Completes Obligations For The Launch of Africa Energy Bank

Nigeria has completed its final obligations for the launch of the Africa Energy Bank, paving the way for the institution to begin operations.

At a handover ceremony in Abuja on Monday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the Federal Government had finished procuring, constructing and furnishing the bank’s headquarters, which has now been formally transferred to APPO and Afreximbank.

He said Nigeria had met all the conditions required for the bank to take off. “Nigeria has fulfilled all her commitments, and the last commitment was this bank,” he said.

The minister explained that earlier attempts to build the headquarters were unsuccessful due to design and location concerns. “Attempts were made to construct the bank three times. The first was discarded for being too enormous, and the second was not accepted because of its location. We are happy that we got this one right,” he said.

He added that the new building is fully completed, furnished and ready for use. “It is paid for and furnished, and Nigeria is happy to hand over this well-furnished Africa Energy Bank building to APPO and Afreximbank, who are the enablers of the bank,” he said.

Senator Lokpobiri said the government would continue to support the project for its importance to Africa’s energy sector. “Because of the strategic importance of the bank to oil and gas investment in Africa, we will do everything in our power to ensure the bank takes off,” he said.

He confirmed that the bank is expected to start operations by April. “We have scheduled the bank to take off by April at the latest, as all the issues that were causing delays, including the headquarters, have now been resolved,” he said.

Formally handing over the facility, he added: “We are now formally handing over this furnished Africa Energy Bank to APPO and Afreximbank.”

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