• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Energy

$5b Africa Energy Bank takes off in January 2025

Energy

The Matters Press by The Matters Press
November 2, 2024
Reading Time: 2 mins read
0
Stakeholders brainstorm on Nigeria’s energy transition plan

The Federal Government of Nigeria has set Jan. 28, 2025 as the deadline for the operationalisation of the five billion dollars Africa Energy Bank (AEB).

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The bank would be domiciled in Abuja, the Nigeria’s capital city.

Amb. Nicholas Ella, Permanent Secretary, Ministry of Petroleum Resources and Executive Board Member, who led a delegation representing Nigeria at the African Petroleum Producers Organisation (APPO), disclosed this at the APPO’s 19th Executive Board meeting.

The meeting which had representatives of 13 member countries was held in Yaounde, Cameroon.

Ella, in a statement on Friday, reiterated Nigeria’s commitment to the ideals of APPO and the immediate setting up of the AEB in Abuja.

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

The AEB which is being established by APPO in collaboration with the Afriexim Bank, aims to bridge financing gaps in the continent’s oil and gas industry.

“The Headquarters building (of the Africa Energy Bank) was inspected by the Technical Team in May 2024, and renovation works for its completion is ongoing.

“Nigeria is fully committed to delivering the building with furnishing to the bank in good time.

We have the full support of President Bola Tinubu and our National Assembly to actualise this project in Nigeria,” Ella said.

Giving further insights, Ella said the Federal Executive Council (FEC), on June 25, 2024, approved the hosting of the bank while the ratification of the Charter and Headquarter’s Agreement are in advanced stage.

He said FEC also approved and endorsed the Establishment Document of the AEB, and instructed the Attorney General and Minister of Justice, to commence with the process of ratification.

“The Attorney General concluded the process on Sept. 9, 2024 and transmitted the AEB Establishment Documents, currently with the President for his assent.

Once that is done, it will be forwarded to APPO,” he added.

On equity contribution to the AEB, Ella said Nigeria was making efforts to complete its share of the equity contribution to the AEB.

He said apart from the earlier payment of 59.1 million dollars, an additional 10 million dollars was paid into APPO Account by the federal government last week, with the intention to make full payment before the bank takeoff.

“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 mobilising investments in oil and gas projects, which are vital for Africa’s economic growth and development,” he said.

In reaction to Nigeria’s update on preparations for the bank’s operationalisation, the Secretary-General of APPO, Dr Farouk Ibrahim, said 50 per cent of the funds needed for the AEB take off was available.

Ibrahim, who urged APPO member countries to keep up the tempo for the bank’s take off, explained that it would have three classes of shareholders with APPO and Afrexim occupying the priority shareholder position.

Responding to Nigeria’s presentation, the APPO Executive Board member from Egypt, Hisham Selim, described Nigeria’s explanation concerning preparations for bank’s take off as “encouraging.”

The date for the AEB’s take-off coincides with the 38th anniversary of the establishment of APPO, an 18-member country bloc that drives the development of the African energy industry.

Tags: Energy
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers

More Nigerians face food crisis in 2025

800 firms compete to manage gas flare sites

Nigeria tackles oil spills, gas flaring in Niger Delta

Recommended Stories

ActionAid, SWOFON call for urgent completion of BOA recapitalisation

NCP establishes committee to restructure BoA

December 13, 2023
Rice farmers from poverty to wealth

Rice explosion soon in Nigeria

November 15, 2019
Abba Kyari buried amidst outpouring

Abba Kyari laid to rest

April 18, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us