Key Milestone as Nigeria Transfers Africa Energy Bank Headquarters to APPO

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

Government representatives and important continental stakeholders attended the symbolic transfer event in Abuja, highlighting Nigeria’s pivotal role in the establishment of the bank, which is anticipated to close Africa’s long-standing funding shortfalls in the development of oil and gas.

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

The process of finding a suitable headquarters had not been easy, according to Lokpobiri, who said that before the current location was ultimately decided upon, two previous locations were turned down because of size and location issues. He emphasized that Nigeria had fulfilled its obligations as the host nation by purchasing, financing, and furnishing the entire edifice.

“As APPO President, we are formally here today to inform you that Nigeria has fulfilled all of its obligations. This bank was the last commitment. And just to give you some background, this is approximately the third one.

Lokpobiri emphasized, “The first one was too large, and the second one had a location problem as well. Ultimately, we’re glad that we got this one, which is furnished and paid for, and Nigeria is formally very happy today to hand over this furnished Africa Energy Bank building premises to APPO and Afreximbank, which are the enablers of the AEB.”

He continued by saying that since the headquarters problem had been 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 claimed that at a time when access to foreign funding had become more limited, the bank’s establishment was strategically significant for oil and gas investment throughout the continent.

The bank, according to Lokpobiri, was a reaction to what he called the weaponization of finance against the advancement of Africa. He maintained that, although making a negligible contribution to global emissions, African nations were frequently under pressure to stop developing their fossil fuel resources, despite the continent’s ongoing energy poverty.

He pointed out that the global narrative was changing, with proponents of the quick energy transition now recognizing that fossil fuels still dominate the world’s energy balance and that ongoing investments of hundreds of billions of dollars are 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, which is why the bank’s foundation is crucial.

“In this situation, Nigeria has fulfilled all of its financial and physical duties. Africa is having financial difficulties.Global pollutants have made us victims. However, each time they advocate for Africa to stop 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 done 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 start.

Mamadou Sangafowa-Coulibaly, the Ivorian Minister of Mines, Petroleum, and Energy and the 2026 President of APPO, said in his remarks that the handover was a significant turning point in the lengthy process of establishing the bank.

Sangafowa-Coulibaly commended Nigeria for providing a well-designed and operational headquarters, stating that the establishment of a permanent office eliminated one of the final practical barriers to the institution’s establishment. According to him, APPO is totally dedicated to making sure the bank launches by June at the latest, while an earlier start is possible.

“We needed a headquarters to enable this bank to flourish, and we now have one,” he stated. “Going to the General Assembly and formally launching the bank is what’s left. We’re all determined to get this done as quickly as possible,” he continued.

He also emphasized the collaboration with Afreximbank, characterizing it as a significant asset for the new organization. As the Africa Energy Bank gets underway, he said, Afreximbank’s experience managing a continental financial institution would be crucial, with APPO offering strategic guidance centered on the energy requirements of member states and the larger continent.

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

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

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

Additionally, he reiterated Afreximbank’s dedication to making sure the new bank is successful from the very beginning, pointing out that the collaboration between Afreximbank and APPO brought together technical banking know-how with a thorough comprehension of Africa’s energy objectives.

“The energy bank is crucial because without energy, industrialization and economic freedom are impossible. Furthermore, we cannot rely on outside funding for energy, which has ups and downs and cycles. Africa is unable to pay for it. Thus, we are making history and building a significant foundation for economic sovereignty in Africa,” he emphasized.