Nigeria Hands Over Africa Energy Bank Headquarters to APPO in Major Milestone

Nigeria officially turned over the Africa Energy Bank’s (AEB) headquarters to the African Petroleum Producers’ Organization (APPO) yesterday, marking a significant turning point in Africa’s drive for energy financing and laying the groundwork for the $5 billion financial institution to launch before the middle of the year.

Nigeria played a pivotal role in the establishment of the bank, which is anticipated to close Africa’s long-standing financial gaps in oil and gas development. Government officials and important continental stakeholders attended the symbolic transfer ceremony, which took place in Abuja.

Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), spoke at the event and stated that Nigeria had fulfilled all of its responsibilities as the host nation. He described the transfer of the fully furnished headquarters as the last commitment needed for the bank to start operations.

Lokpobiri stated that the process of finding a suitable headquarters had not been simple, pointing out that before the current location was ultimately decided upon, two previous locations were turned down because of issues with size and location. He emphasized that Nigeria had fulfilled its obligations as the host country by purchasing, funding, and furnishing the entire edifice.

As APPO President, we are formally here today to inform you that Nigeria has fulfilled all of its obligations. And this bank was the final commitment. As I mentioned earlier, this relates to the third one.

“After the first one was too large and the second one had a location problem, we are finally happy to have this one that is paid for and furnished. Nigeria is officially very happy today to hand over this furnished Africa Energy Bank building premises to APPO and Afreximbank, which are the enablers of the AEB,” Lokpobiri emphasized.

He continued by saying that once the headquarters problem was fixed, all obstacles that had impeded the bank’s growth had been removed, allowing operations to start as early as the end of April. He said that the bank’s establishment was strategically significant for oil and gas investment throughout the continent at a time when access to foreign funding had become more limited.

According to Lokpobiri, the bank was established in response to what he called the weaponization of finance against the advancement of Africa. He maintained that although though African nations made very small contributions to global emissions, they were frequently under pressure to stop developing their fossil fuel resources, despite the fact that energy poverty remained widespread on the continent.

He pointed out that the global narrative was changing, with proponents of a quick energy transition now recognizing that fossil fuels continue to dominate the world’s energy balance and that consistent investment totaling hundreds of billions of dollars is required each year. He claimed that despite Africa’s abundant oil and gas resources, the continent has been hindered by a lack of access to funding, making the bank’s creation essential.

“In this situation, Nigeria has fulfilled all of its financial and material responsibilities. Finance is a problem for Africa.Global emissions are a victim of us. However, each time they advocate for Africa to cease utilizing God’s resources, Lokpobiri said.

The minister clarified that the bank will serve the entire continent in addition to member nations, stressing that the necessary protocols will be closely adhered to to guarantee that everything is completed correctly.

“This bank will serve not just APPO member countries, which are about 18, but the entire African continent,” Lokpobiri stated. The organization would adhere to standard governance practices, such as holding shareholder meetings, appointing board members and management, and hiring employees once operations started.

The handover was characterized as a significant turning point in the lengthy process of establishing the bank by Mamadou Sangafowa-Coulibaly, the Ivorian Minister of Mines, Petroleum, and Energy and the 2026 President of APPO.

Sangafowa-Coulibaly said that the establishment of a permanent office eliminated one of the final practical barriers to the institution’s opening, and he commended Nigeria for providing a well-designed and operational headquarters. He stated that although an earlier launch was possible, APPO was totally committed to making sure the bank launched by June at the latest.

He stated, “We needed a headquarters to enable this bank to flourish, and we now have it.” “Going to the General Assembly and formally launching the bank is what’s left.” All of us are dedicated to doing this as quickly as possible,” he continued.

Additionally, he emphasized the collaboration with Afreximbank, characterizing it as a significant asset for the new organization. He stated that the Africa Energy Bank will benefit greatly from Afreximbank’s experience managing a continental financial institution, with APPO offering strategic guidance centered on member nations’ and the continent’s energy requirements.

Speaking as well, APPO Secretary General Farid Ghezali characterized the occasion as the realization of a vision that many had previously believed to be unachievable. He claimed that service and observable outcomes for Africans must now take precedence above infrastructure and symbols.

Ghezali remarked, “This was once a dream, but today that dream has come true.” Africans require every drop of oil and every BTU of gas, so we must collaborate to turn this effort into results. Without electricity, industrialization and economic independence are impossible, he said.

Africa could no longer rely exclusively on external financing cycles, which were frequently erratic and politically motivated, Ghezali emphasized, contending that the Africa Energy Bank was a step toward the continent’s economic and energy sovereignty.

Additionally, he reiterated Afreximbank’s dedication to making sure the new bank is successful from its first day of operation, pointing out that the collaboration between Afreximbank and APPO brought together technical banking know-how with a comprehensive grasp of Africa’s energy objectives.

Without energy, industrialization and economic freedom are impossible, which is why the energy bank is crucial. Furthermore, we cannot rely on foreign funding for energy that has ups and downs and cycles. It is too costly for Africa. Thus, we’re making history and building a significant foundation for economic sovereignty in Africa,” he emphasized.