Nigeria has officially handed over the headquarters for the Africa Energy Bank (AEB) in Abuja, after completing the construction of the building, paving the way for the institution to begin operations. The handover took place on the sidelines of the 9th Nigeria International Energy Summit (NIES) in Abuja on Monday, February 2, 2026. A statement …
African Energy Bank Set for Launch as Nigeria Completes Headquarters
Nigeria has officially handed over the headquarters for the Africa Energy Bank (AEB) in Abuja, after completing the construction of the building, paving the way for the institution to begin operations.
The handover took place on the sidelines of the 9th Nigeria International Energy Summit (NIES) in Abuja on Monday, February 2, 2026.
A statement by the Nigeria Content Development and Monitoring Board (NCDMB) said the building was formally handed over to the African Petroleum Producers’ Organisation (APPO) and African Export-Import Bank (Afreximbank).
Speaking at the handover ceremony, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the Federal Government had finished procuring, constructing and furnishing the bank’s headquarters.
The Minister confirmed that Nigeria had met all the conditions required for the energy bank to take off. “Nigeria has fulfilled all her commitments, and the last commitment was this bank,” Lokpobiri stated.
The minister noted that there were about three attempts in the past to build the headquarters that failed owing to architectural and geographical issues. He expressed joy that the project has been achieved.
“It is paid for and furnished, and Nigeria is happy to hand over this well-furnished Africa Energy Bank building to APPO and Afreximbank, who are the enablers of the bank,” Lokpobiri stated.
He further stated that because of the strategic importance of the energy bank to oil and gas investment in Africa, the government would do everything possible to ensure it takes off, assuring continued support thereafter.
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He confirmed that the bank is expected to commence operations by April since all issues delaying it, including the headquarters, have been resolved. “We have scheduled the bank to take off by April at the latest, as all the issues that were causing delays, including the headquarters, have now been resolved,” he said.
Why African Energy Bank was created?
The African Energy Bank is a joint initiative of APPO member-states and the Afreximbank created as part of efforts to finance oil and gas investments across Africa and secure the continent’s energy future.
The creation of the bank came at a time when the world is witnessing a shrinking pool of international financing for fossil fuel projects, as global lenders pivot away from hydrocarbon activities due to energy transition policies.
The bank will fill the gap by funding investments in oil and gas infrastructure (Pipelines, refineries, and gas facilities, among others) and energy transition projects (Gas-to-power projects and renewable energy initiatives).
The funding is also meant to address challenges of sovereignty, such as reducing reliance on external donors to decide Africa’s energy mix.
With the headquarters situated in Abuja, the bank is starting with an initial capital base of $5 billion, with long-term goals to scale to $120 billion within five years.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
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