NIGERIA SETS DATE FOR TAKE-OFF OF $5 BILLION AFRICA ENERGY BANK 01-11-24
By Sadiq Aminu The Federal Government has set 28th January 2025 as the deadline for the operationalisation of the $5 billion Africa Energy Bank in Abuja, the nation’s capital city.
Permanent Secretary, Ministry of Petroleum Resources and Executive Board Member representing Nigeria at the African Petroleum Producers Organization (APPO) Ambassador Nicholas Ella, made the disclosure at the 19th Executive Board Meeting of the Organisation in Yaounde, Republic of Cameroon.
Ambassador Ella reiterated Nigeria’s commitment to the ideals of APPO and the immediate setting up of the energy bank in Abuja.
A statement by Assistant Director, (Information), Chris Ugwuegbulam says The AEB, aims to bridge financing gaps in the continent’s oil and gas industry.
The date for the Bank’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.
The AEB is being established by APPO in collaboration with the Afriexim Bank.
On equity contribution to the AEB, Amb. Ella said Nigeria was currently making efforts to complete her own share of the equity contribution to the AEB.
“Apart from the earlier payment of $59,120,000:00, an additional $10 million was paid into APPO Account by the FGN (Nigeria) last week. We intend to make full payment before the bank takes off.”
In reaction to Nigeria’s update on preparations for the Bank’s operationalisation, the Secretary General of APPO, Dr. Omar Farouk Ibrahim, said 50 per cent of the funds needed for the AEB take-off was available.