The African Energy Bank (AEB) has missed its targeted April 2026 take-off because several member countries of the African Petroleum Producers’ Organisation (APPO) have not paid their capital subscriptions, leaving the bank unable to complete key startup steps.
Nigeria has now pledged to provide fresh funds to cover the remaining financing gap and hasten the bank’s launch.
The issue was a central point at the 49th Session (Extraordinary) of the APPO Ministerial Council, held virtually on Monday, where African petroleum ministers and energy officials reviewed progress on the bank’s establishment.
The minister of state for Petroleum Resources (Oil), Senator Heineken Lokpobiri, confirmed Nigeria’s commitment during the meeting.
“I joined the 49th Session (Extraordinary) of the Ministerial Council (Virtual) of the African Petroleum Producers’ Organisation (APPO), where critical issues concerning the growth, sustainability, and advancement of Africa’s energy sector were discussed,” Lokpobiri said.
“Key aspect of the discussions was the progress made toward the establishment of the Africa Energy Bank (AEB), particularly regarding the fulfillment of member states’ obligations and preparations for its official take-off,” he added.
“Nigeria remains well positioned to both benefit from and drive the continent’s mission for energy security and economic prosperity, a commitment that has been consistently upheld under the #RenewedHope administration of President Bola Ahmed Tinubu,” Lokpobiri said.
The bank was originally expected to commence operations before the end of April, with shareholder meetings, appointments of management and board, and staff recruitment already planned.
However, these steps could not proceed because APPO could not confirm shareholders without the required capital from member states.
Recall that Lokpobiri at the February 2026 event when Nigeria handed over the AEB headquarters to Afreximbank said, “This specialised bank needs to take off without any further delay so that we will be able to raise the funding needed. If we have to solve the funding gap, Nigeria is ready to step in.”
The AEB was set up jointly by APPO and the African Export-Import Bank (Afreximbank) to address the critical financing needs of Africa’s oil, gas, and broader energy sectors.
It is designed to reduce global funding pressure on hydrocarbon investments in Africa and become the continent’s premier partner in mobilising private-sector funds for energy projects.
Recall that APPO secretary general, Farid Ghezali at the NCDMB APPO support meeting in early February 2026 said, “We have scheduled the bank to take off by April at the latest, as all the issues that were causing delays, including the headquarters, have now been resolved,” though member capital subscriptions remained outstanding.
The Nigerian delegation to the virtual meeting included the executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Omotsola Ogbe, who also serves as an executive board member of APPO representing Nigeria.
The meeting was chaired by the president of APPO and Côte d’Ivoire’s minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly.
The immediate past Slsecretary general of APPO Dr Omar Farouk Ibrahim, who is currently special adviser on International Relations to Nigeria’s minister of state for Petroleum Resources (Oil), was also part of the Nigerian delegation.
The AEB is housed on the third floor of the Afreximbank African Trade Centre in Abuja. The Nigerian government donated and handed over the fully furnished office premises in February 2026, clearing one earlier source of delay.
With Nigeria’s pledge to bridge the funding gap, APPO and Afreximbank are expected to finalise shareholder confirmations, appoint the bank’s board and management, and begin recruitment of staff, paving the way for the African Energy Bank’s formal commencement of operations.