Africa Energy Bank to Start Operations June as Nigeria Hands Over Headquarters

By Adedapo Adesanya

The African Energy Bank (AEB), a pan-African financial institution established to mobilise capital for the continent’s energy development and strengthen regional energy value chains, will begin operations in June 2026.

This came as Nigeria officially handed over the headquarters of bank at a ceremony held on the sidelines of the ongoing Nigeria International Energy Summit (NIES).

The president of the African Petroleum Producers’ Organisation (APPO) and Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mr Mamadou Colibaly, praised Nigeria for its leadership in bringing the initiative to fruition, as he disclosed the bank was expected to commence operations in four months’ time.

“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. The African Energy Bank represents Africa’s commitment to finance, develop, and secure its own energy future by Africans, for Africans,” he said.

The African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), established to mobilise domestic and regional capital for Africa’s energy infrastructure, reduce dependence on external financing, and align energy investments with the continent’s long-term development and industrialisation agenda.

While performing the handover, Nigeria’s Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, said the country had fulfilled all its responsibilities as host nation.

“Nigeria has met every obligation as host. The headquarters is ready, strategically located, and fully equipped, and we are prepared for immediate take-off.”

The ceremony highlighted a growing consensus among African leaders on the need for the continent to take greater ownership of its vast natural resources.

Through tailored financial instruments, the bank is expected to support projects across the energy value chain, including exploration, refining, renewable energy integration, and local content development, with a focus on job creation and economic value addition.

The African Energy Bank has been touted as not just another financial institution, but a strategic pillar in Africa’s quest for economic independence and long-term energy security

The African Energy Bank is a pan-African financial institution jointly promoted by APPO member states and Afreximbank to provide tailored financing solutions for energy projects across the continent, strengthen regional energy markets, and support sustainable development through improved access to capital.