Nigeria has officially handed over the African Energy Bank headquarters, a flagship institution that mobilises capital for the continent’s energy priorities and reinforces energy value chains.

The handover took place on the sidelines of the ongoing Nigeria International Energy Summit in Abuja and is happening ahead of the June 2026 operational launch of the AEB.

During the event, the president of the African Petroleum Producers’ Organisation and Côte d’Ivoire’s petrol and mines minister, Mamadou Colibaly, commended Nigeria’s leadership in advancing the initiative.

“We are committed to inaugurating this bank no later than June. I sincerely thank our partners for providing the headquarters and office that make this take-off possible.

“The African Energy Bank represents Africa’s commitment to finance, develop, and secure its own energy future by Africans, for Africans,” Mr Colibaly said.

The AEB is a joint initiative of APPO member states and the African Export-Import Bank, established with an initial capital of $5 billion.

Its core mandate is to mobilise domestic and regional capital for energy infrastructure, reduce Africa’s reliance on external financing, and align energy investments with the continent’s long-term development and industrialisation goals.

During the handover, deputy petrol minister Heineken Lokpobiri said that Nigeria had met all obligations as host.

“The headquarters is ready, strategically located, and fully equipped, and we are prepared for immediate take-off,” Mr Lokpobiri said.

Speakers at the event restated that AEB is not merely a financial institution but a cornerstone of Africa’s broader quest for economic independence and lasting energy security.

They noted that the handover signalled the beginning of a new era in which Africans are determined to finance, produce, and sustain their own energy future.

The ceremony underscored a unified African resolve to take greater ownership of the continent’s abundant natural resources.

By offering targeted financial instruments, the bank will support projects across the energy value chain.

These include exploration, refining, renewable energy integration, and local content development, ensuring that Africa’s resources translate into tangible economic value and job creation.

The AEB is a pan-African financial institution jointly established by APPO member states and Afreximbank to provide tailored financing solutions for energy projects across Africa, thereby financing and strengthening regional energy markets.

(NAN)