By: Business insider Africa

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced the completion of the new headquarters for the African Energy Bank (AEB) during an inspection of the facility in Abuja. The bank, a joint initiative of the African Petroleum Producers Organisation (APPO) and Afreximbank, is intended to serve as a continental financing hub for oil, gas, and clean energy transition projects.

Minister Lokpobiri stressed that Nigeria has fulfilled all its obligations as the host country. He stated the headquarters is ready and furnished, awaiting the bank's formal launch. He noted the bank’s establishment is timely, as global lenders impose tighter restrictions on fossil fuel investments. The AEB is designed to fill that gap by financing upstream exploration, refinery modernization, natural gas infrastructure, and cleaner energy technologies with Africa-led capital.

During the inspection, Lokpobiri was joined by APPO Secretary-General Dr. Omar Farouk Ibrahim and Afreximbank Executive Vice President Haytham El Maayergi. The minister confirmed that the final administrative steps are underway for the handover and that APPO ministers will be invited for an inspection, signaling Nigeria's strong commitment to regional energy cooperation.