By Adedapo Adesanya

The African Energy Bank (AEB) have entered their final phase with a launch to be carried out soon.

This was disclosed by the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, noting that key legal and governance frameworks for the project had been concluded, while capital mobilisation discussions had recorded encouraging commitments from both member nations and private investors.

AEB, a newly established financial institution created to support energy development across Africa, seeks to mobilise capital for energy infrastructure projects in the face of declining foreign investment due to the global energy transition.

It has an initial capital target of $5 billion, with plans to scale up to $120 billion subsequently. Funded by Afreximbank, African Petroleum Producers’ Organisation (APPO) member states, national oil companies, and private sector investors, the bank is headquartered in Abuja, Nigeria.

Last week, the junior oil minister held a high-level review meeting in Abuja, where he hosted the President of Afreximbank, Mr Benedict Oramah, and Secretary-General of APPO, Mr Farouk Ibrahim.

“The AEB is poised to become a transformative financing platform for energy projects across the continent. This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners.

“Many thanks to President Bola Tinubu for his support and commitment to seeing this project to fruition.” he said in a statement in Abuja signed by the Special Adviser, Media and Communication, to the minister, Ms Nneamaka Okafor.

The minister emphasised that Nigeria’s role as host country reflected its long-standing leadership within Africa’s hydrocarbons sector.

He reiterated the stakeholders’ commitment to transparency and efficiency throughout the final preparatory stages.

“Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” Mr Lokpobiri added.

In his remarks, the APPO chief, Mr Ibrahim, commended the pace of work, saying, “We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment. The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans.”

In his remarks, Afreximbank’s Mr Oramah stated that the bank was ready to deploy its structuring expertise and capital base to ensure AEB was launched with the strength and credibility required to attract global co-investors.

During the briefing, the parties confirmed that a definitive launch timeline and inaugural board meeting date had been fixed and will be announced shortly.

By Aduragbemi Omiyale

A federal lawmaker from Oyo State, Ms Tolulope Akande-Sadipe, has denied allegations that she collected N1 billion meant to support rural development efforts and address socio-economic and infrastructure challenges in her constituency.

The funding support, termed capital project allocation, is usually facilitated by the lawmakers at the National Assembly and released by the federal government to Ministries, Departments and Agencies (MDAs) for each constituency.

It was speculated that Ms Akande-Sadipe, a member of the House of Representatives representing Oluyole Federal Constituency, has received about N1 billion.

But in a statement issued by her media team on Monday, the lawmaker, who chairs the House Committee on Humanitarian Services, described reports that she and others have been getting N1 billion each since the removal of fuel subsidy in 2023 as misleading.

“This statement is false, misleading, and misrepresents the ongoing efforts of the federal government under the Renewed Hope Agenda of President Bola Tinubu,” a part of the statement made available to Business Post read.

She stressed that no legislator receives funds directly for the implementation of constituency projects, noting that all interventions by the central government are executed by relevant MDAs as stipulated in the national budget.

However, Ms Akande-Sadipe stated that the recent policy development in 2025 budget proposed an increase in the capital project allocation for each federal constituency to N1 billion., stating that this was only recently introduced.

“This development is a strategic response to the rising inflation and increased government revenues following the removal of petroleum subsidies and the floating of the foreign exchange rate.

“This policy was not part of the 2023 or 2024 budgets. It is a new initiative, reflected the first time, in the 2025 budget proposal and its implementation is expected to commence later this year through the first quarter of 2026,” she clarified

She commended President Tinubu’s foresight and administration for ensuring proper execution of projects through appropriate MDAs, stating, “As with previous constituency projects, these interventions will be executed through the appropriate MDAs.”

“Lawmakers only recommend and provide oversight to ensure that projects meet the needs of their constituencies and are executed within budgetary timelines and standards,” she added.

“We urge the general public to disregard misinformation aimed at misleading citizens in a bid to pitch them against their representative for political reasons (IBON OSELU). She implores constituents across the nation to always seek verified updates from reliable official sources,” Ms Akande-Sadipe posited.

By Adedapo Adesanya

President Bola Tinubu has approved issuing critical regulatory licenses for the Kolmani Integrated Development Project, a multibillion-Dollar oil exploration initiative located between Bauchi and Gombe states.

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, disclosed this during the commissioning of the permanent site of the Bauchi Oil and Gas Academy in the Alkaleri Local Government Area of the state, according to a statement issued by his Special Adviser on Media and Communication, Ms Nneamaka Okafor, on Sunday.

According to the statement, the activation of all national facilities designed to contribute to the transformation of Nigeria’s oil sector remains critical.

“This informed President Bola Ahmed Tinubu’s approval for us to ensure that all outstanding critical regulatory licences for the Kolmani Integrated Development Project were issued.

“I emphasised this point while flagging off the construction of the permanent site of the Bauchi Oil and Gas Academy in Alkaleri (BOGAA), Bauchi State, located within the Kolmani region,” he was quoted as saying.

He said the President’s vision remained focused on harnessing the full potential of the energy sector as a catalyst for national prosperity.

He noted that with Bauchi State embracing this drive through the establishment of the academy, the state was positioning itself as a strategic contributor to the human capital development required to power the sector forward.

“Given our vast fossil fuel reserves, the Federal Government, through PTDF, have continued to champion advancements in human capacity and technology.

“It is my expectation that the Bauchi Oil and Gas Academy will forge a strong partnership with PTDF, ensuring the delivery of long-term success and sustainability for the sector,” the statement added.

The Kolmani Integrated Development Project, first inaugurated in November 2022, marked the start of oil exploration in Northern Nigeria. It is situated in the Kolmani River II oil field, a border community between Bauchi and Gombe states.

This comes after the Group Chief Executive of the Nigerian National Petroleum Company Limited, Mr Bayo Ojulari, disclosed that the state-owned energy firm would resume oil drilling in the oil field

On his part, the Bauchi State Governor, Senator Mr Bala Mohammed, appreciated the Federal Government’s support and reaffirmed the state’s commitment to the academy’s success.

“This institution will serve as a foundation for skill acquisition and innovation that will benefit not just Bauchi State but the entire nation,” the governor added.