Nigeria on Monday formally handed over the fully furnished headquarters of the Africa Energy Bank to the Association of African Petroleum Producing Countries (APPO), marking a major milestone in efforts to unlock sustainable financing for oil and gas investments across Africa.
The handover ceremony took place in Abuja and was led by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, alongside APPO President Mamadou Sangafowa-Coulibaly, who also serves as Côte d’Ivoire’s Minister of Mines, Petroleum, and Energy. Officials of APPO and representatives of Afreximbank, the bank’s financial partner, were also in attendance.
The Africa Energy Bank is now headquartered on the third floor of the Afreximbank African Trade Centre in Abuja’s Central Area.
Speaking at the event, Lokpobiri said the delivery of the headquarters fulfilled Nigeria’s obligations as host country and cleared a major hurdle to the bank’s operational launch.
“Today, we are formally here to report to you, as President of APPO, that Nigeria has met all our commitments. The last commitment was the bank headquarters. Mr President, once again, I welcome you, and we are formally handing over this furnished African Energy Bank to APPO and Afreximbank. Nigeria is very happy today because this represents the fulfilment of our commitment,” he said.
He explained that several options had been considered before settling on the current location, which he described as fit for purpose and fully funded by the Federal Government.
“This is about the third building. The first one was too big, the second one had location issues, and eventually, we are happy that we got this one. It is furnished, paid for, and Nigeria is formally handing it over today,” Lokpobiri stated.
The minister said outstanding issues that delayed the bank’s take-off had now been resolved, stressing the institution’s importance to Africa’s energy future.
“Nigeria is committed to doing everything necessary for the bank to take off because of its strategic importance to oil and gas investment in Africa,” he said.
Lokpobiri said the bank was conceived to address Africa’s difficulty in accessing affordable financing for fossil fuel projects amid global pressure against hydrocarbon investments.
“Africa’s biggest challenge is finance. The Global North is using finance as a weapon against the developing South, particularly Africa. We are victims of global emissions, yet we are told to stop exploiting our God-given resources,” he said.
He added, “Fossil fuel will still be the most dominant source of energy for the foreseeable future. Africa is blessed in abundance, but the problem is finance. That is why this bank was conceived.”
APPO President Sangafowa-Coulibaly commended Nigeria’s leadership, describing the handover as a critical milestone.
“On behalf of APPO and all our members, I thank the Republic of Nigeria and the Minister of Petroleum… this is a critical milestone,” he said, adding that the bank is expected to commence operations no later than June 2026.
APPO Secretary-General Farid Ghezali said the bank would mobilise capital for exploration, production, and energy infrastructure across Africa.
The Africa Energy Bank is a joint initiative of APPO and Afreximbank aimed at closing Africa’s oil and gas financing gap and strengthening the continent’s energy security.
