Business

Africa Energy Bank begins operations Jan 2025, says FG

Africa Energy Bank begins operations Jan 2025, says FG

The Federal Government has designated January 28, 2025, as the deadline for operationalizing the $5 billion Africa Energy Bank in Abuja, Nigeria’s capital.

A Nigerian delegation, led by Amb. Nicholas Agbo Ella, Permanent Secretary of the Ministry of Petroleum Resources and Executive Board Member representing Nigeria at the African Petroleum Producers Organization (APPO), announced the timeline during the 19th Executive Board Meeting of the organization in Yaounde, Cameroon.

Amb. Ella emphasized Nigeria’s commitment to APPO’s ideals and the prompt establishment of the energy bank in Abuja.

He further stated that the Africa Energy Bank (AEB) aims to bridge financing gaps within the continent’s oil and gas industry.

“Nigeria won the hosting right for the establishment of the Africa Energy Bank (AEB) Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic. 

READ ALSO:

“I am pleased to address the Executive Board (EB) meeting on this very important subject matter – the take-off of the Africa Energy Bank Headquarters in Abuja, Nigeria.” 

“As you are no doubt aware, the Headquarters building (of the Africa Energy Bank) was inspected by the Technical Team on 24th May 2024, and renovation works for its completion are ongoing. Nigeria is fully committed to delivering the building with furnishing to the bank in good time. 

“We have the full support and cooperation of Mr. President, His Excellency Bola Ahmed Tinubu GCFR, and our National Assembly to actualise this project in Nigeria,” he said.

Nigeria’s Equity Contribution to the Bank

Regarding Nigeria’s equity contribution to the Africa Energy Bank, Amb. Ella stated that Nigeria is actively working to fulfill its share.

He noted that, in addition to an earlier payment of $59.1 million, the Federal Government made an additional $10 million contribution to the APPO account last week.

He added that Nigeria intends to complete the full payment before the bank becomes operational.

Apart from the earlier payment of $59,120,000:00, an additional $10 million was paid into the APPO Account by the FGN (Nigeria) last week. We intend to make full payment before the bank takes off. 

“Nigeria wishes to advocate for the establishment and funding of the Africa Energy Bank as part of APPO’s budgetary plans. This initiative would not only address the financial needs of the energy sector but also provide a platform for mobilizing investments in oil and gas projects, which are vital for Africa’s economic growth and development.” Ella said.

Africa Energy Bank begins operations Jan 2025, says FG

Trends Admin

Recent Posts

US University opens 2025 scholarships for international students

US University opens 2025 scholarships for international students Montana Technological University (Montana Tech) has opened…

4 hours ago

200,000 repentant terrorists surrender, drop arms in North East – CDS

200,000 repentant terrorists surrender, drop arms in North East – CDS The Chief of Defence…

4 hours ago

Canadian university offers funded national scholarship program for 2025

Canadian university offers funded national scholarship program for 2025 Western University has announced that applications…

4 hours ago

Israeli strikes pound central Beirut, suburbs

Israeli strikes pound central Beirut, suburbs BEIRUT: Israeli strikes pounded a densely-populated part of the Lebanese…

5 hours ago

Robbers kill two members in shoot-out with Delta police

Robbers kill two members in shoot-out with Delta police The spokesperson for the police in Delta…

5 hours ago

Akwa Ibom businessman abducted, driver killed, police orderly injured

Akwa Ibom businessman abducted, driver killed, police orderly injured Gunmen kidnapped a prominent businessman, Dr. Samuel…

5 hours ago