APPO confirms Sept launch for energy bank

The African Energy Bank is scheduled to launch in September in Abuja, Nigeria’s Federal Capital Territory, the African Petroleum Producers’ Organisation African Petroleum Producers Organisation has said. According to Argus Media, APPO Secretary General Farid Ghezali acknowledged “several postponements” but said the new deadline is “to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view”. A planned April start was pushed back to June before APPO members were again mobilised around a third-quarter deadline. At a recent meeting, the Nigerian government reiterated the country’s commitment to the African Energy Bank’s formal commencement of operations. The bank was established by the APPO and the African Export-Import Bank to address the critical financing needs of Africa’s oil, gas and broader energy sectors and mitigate the global funding pressure against hydrocarbon investments in Africa. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Executive Secretary of the Nigerian Content Development and Monitoring Board Nigerian Content Development and Monitoring Board, Felix Ogbe, were among the Nigerian delegation who attended the 46th extraordinary ministerial meeting, which was held virtually. The Nigerian delegation was said to have assured that the country is ready and committed to the bank’s commencement of operations. Ogbe serves as an Executive Board member of APPO, representing Nigeria. It is reported that the AEB is positioned to become Africa’s premier partner in mobilising private-sector funds for energy projects across the continent, providing accessible and affordable financing for the development of energy projects in Africa. The bank was originally billed to take off before the end of April and was expected to have held shareholder meetings, appointed management and board, recruited staff and completed other necessary procedures. Related News NDPC, Meta unveil two-year data protection initiative PFN dismisses allegations connecting RCCG, Adeboye to prayer rally Policy implementation hindering Nigeria’s industrial growth – BATN However, funding has remained a major challenge even when the Nigerian government said the headquarters of the bank was ready. Ghezali called on APPO members to redeem their pledges towards the $500m start-up capital before the end of June. Argus quoted sources as saying that 91 per cent of the capital had been raised and that the Nigerian National Petroleum Company Limited and the Nigerian Content Development and Monitoring Board would make up the balance. Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60 per cent of its oil products consumption and producing only 12 per cent of global upstream liquids while being home to many of the world’s largest national oil and gas reserves. The Nigerian Content Development and Monitoring Board said AEB will achieve its aim by “mobilising private-sector funds for energy projects across the continent”. The APPO boss had stated that the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40 per cent of AEB’s loan book, and priority will be given to projects that contribute towards the creation of “500,000 to 1 million direct and indirect jobs in the energy value chain”. But even with the September start, Ghezali said AEB loan-making will only “open at the end of 2026”. Dare Olawin Dare Olawin is a journalist at Punch Newspapers with over a decade of reporting experience. He began his career as a community reporter and now covers the energy sector, including oil, gas, electricity, and renewables. Dare’s work reflects hands-on newsroom experience, professional development through workshops and conferences, and a strong commitment to accurate and insightful journalism.