African Energy Bank Headquarters Officially Handed Over in Abuja, Operations to Begin in June 2026
Nigeria has officially handed over the headquarters of the African Energy Bank (AEB) in Abuja, with the institution expected to commence full operations by June 2026. This significant development was disclosed by Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), during a ceremony held on Tuesday, February 2, 2026.
Strategic Headquarters Ready for Immediate Take-Off
Speaking at the handover ceremony, which took place on the sidelines of the 9th Nigeria International Energy Summit (NIES), Lokpobiri emphasized that Nigeria has fulfilled all its obligations as the host nation. He stated, "The headquarters is ready, strategically located, and fully equipped, and we are prepared for immediate take-off." The event highlighted Nigeria's commitment to playing a leadership role in Africa's energy sector.
Unified African Commitment to Energy Independence
Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Colibaly, who also serves as president of the African Petroleum Producers’ Organisation (APPO), commended Nigeria for its efforts. Colibaly confirmed that the bank is on track to begin operations within the next few months, saying, "We are committed to launching this Bank no later than June. I sincerely thank our partners for providing the headquarters and office that make this take-off possible." He added that the African Energy Bank represents Africa's commitment to financing, developing, and securing its own energy future by Africans, for Africans.
Core Mandate and Expected Impact
The African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank). Its core mandate includes:
- Mobilizing domestic and regional capital for energy infrastructure projects
- Reducing Africa's reliance on external financing
- Aligning investments with long-term development and industrialisation goals
The bank will fund projects across the entire energy value chain, including exploration, refining, renewable energy integration, and local content development. Experts at the summit emphasized that the AEB is more than just a financial institution; it is a cornerstone of Africa's broader quest for economic independence and lasting energy security.
Financial Projections and Broader Context
With the headquarters now fully operational in Abuja, the African Energy Bank is poised to strengthen regional energy markets and enhance value addition across the continent. The bank is expected to reach an asset base of $120 billion within the next five years, providing sustainable development financing for critical energy projects.
This development comes at a time when global financial institutions are reassessing their involvement in fossil fuel projects. Earlier reports indicated that the Nigerian National Petroleum Company Limited is seeking to raise at least $2 billion through oil-backed loans to strengthen its finances and enable further investment in operations.
The handover of the AEB headquarters signals the beginning of a new era where African nations are taking greater ownership of their abundant natural resources, determined to finance, produce, and sustain their own energy future.
