Nigeria hands over African Energy Bank to promoters

The Federal Government has handed over the African Energy Bank (AEB) Corporate Head Office to its promoters: the Afrexim Bank and the African Petroleum Producers Association (APPO).

The launch of the AEB has been scheduled for June 2026.

APPO President, who is also Ivory Coast’s Minister of Mines and Energy,  Mamadou Colibaly, broke the news in Abuja during the handover ceremony of the bank to the promoters.

He said: “We are all committed to launch this bank as soon as possible, no later than June this year. And we may be happy to do it earlier. I would like to say thanks because to allow this bank to take off, we need a headquarter, an office.”

He said all is now set for the operation of the bank, stressing that what is left is the proceed to the Assembly General of APPO to launch it.

After an inspection of the bank, he described it as a critical milestone.

“And as we were visiting this beautiful location, I was talking to myself and say, This is a critical milestone,” said the Ivorian minister.

Asked what the bank would be doing between now and June, the Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri said there are procedures for the establishment and take-off of a bank.

He also said in preparation for commencement of operation, the bank needs to call a shareholder meeting, appoint the presidency of the bank and recruit its staff.

The bank, he said, is being set up by 18 APPO member country.