<blockquote><b>Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said preparations for the launch of the $5 billion African Energy Bank (AEB) have entered their final phase. Lokpobiri said this followed a high-level review meeting in Abuja, where he hosted President of Afreximbank, Professor Benedict Oramah, and Secretary-General of African Petroleum Producers Organisation (APPO), Dr Farouk Ibrahim.</b><br><br>A statement in Abuja by Special Adviser, Media and Communication, to the minister, Nneamaka Okafor, quoted Lokpobiri as saying that key legal and governance frameworks had been concluded, while capital mobilisation discussions had recorded encouraging commitments from both member nations and private investors.<br><br>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.<br><br>It has an initial capital target of $5 billion, with plans to scale up to $120 billion subsequently.<br>Funded by Afreximbank, APPO member states, national oil companies, and private sector investors, the bank is headquartered in Abuja, Nigeria.<br><br><b>Lokpobiri said, 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.<br><br>Many thanks to President Bola Tinubu for his support and commitment to seeing this project to fruition.</b><br><br>The minister emphasised that Nigerias role as host country reflected its long-standing leadership within Africas hydrocarbons sector.<br><br>He reiterated the stakeholders commitment to transparency and efficiency throughout the final preparatory stages.<br><br><b>Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa, Lokpobiri added.</b><br><br>In his remarks, the APPO chief, Ibrahim, commended the pace of work, saying, <br><br><b>We are impressed by Nigerias 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.</b><br><br>Echoing the same sentiment, Afreximbanks 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.<br><br>During the briefing, the parties confirmed that a definitive launch timeline and inaugural board meeting date had been fixed and will be announced shortly.<br><br>Separately, Lokpobiri flagged off construction of the permanent site for Bauchi Oil and Gas Academy, Alkaleri (BOGAA), saying the move by the Bauchi State government will contribute to the federal governments human capacity development plan in the energy sector.<br><br>During the flag-off ceremony, the minister explained that the imperative to activate all available oil platforms for increased production led the president to grant approvals for the issuance of all critical regulatory licenses for the Kolmani Integrated Development Projects.<br><br><b>Our objective is to make every productive oil platform count towards national growth, the minister said.</b><br><br>He highlighted the presidents broader agenda to harness the full potential of Nigerias energy sector in driving economic prosperity.<br><br><b>Mr. President is intentional about transforming our energy landscape into one that fuels industrial growth, creates jobs, and enhances national revenue, Lokpobiri stated.</b><br><br>Commending the Bauchi State government for aligning with the national vision, the minister stated that the establishment of the academy demonstrated the states forward-thinking approach to energy sector participation.<br><br><b>He said, With this academy, Bauchi is making a strategic contribution to the development of the human capital needed to drive our sector forward.</b><br><br>The minister also pointed to the abundant fossil fuel reserves within the country and stressed the importance of local capacity in managing and sustaining the sector. He acknowledged the ongoing efforts of the federal government, through the Petroleum Technology Development Fund (PTDF), in supporting human capital and technological advancement.<br><br><b>Lokpobiri stated, PTDF has played a critical role in ensuring that our sector is not just productive but also future-ready.</b><br><br>He expressed hope that BOGAA would establish a strong partnership with PTDF to ensure the success and sustainability of its programmes.<br>Bauchi State Governor, Senator Bala Mohammed, thanked the federal government for its support and reiterated the states commitment to the academys success.<br><br><b>This institution will serve as a foundation for skill acquisition and innovation that will benefit not just Bauchi State but the entire nation, Mohammed said.</b></blockquote><br><a rel=ugc href="https://www.thisdaylive.com/2025/05/19/lokpobiri-5-billion-african-energy-bank-in-final-stage-before-kick-off/'amp">https://www.thisdaylive.com/2025/05/19/lokpobiri-5-billion-african-energy-bank-in-final-stage-before-kick-off/'amp</a>
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