THE Federal Government has concluded key legal and governance frameworks required for the operational rollout of the African Energy Bank (AEB) as preparations for its official launch enter the final phase.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this in a statement on Sunday, May 18, by his Special Assistant on Media and Communications, Nneamaka Okafor.

Lokpobiri stated about the bank’s unveiling plans during a high-level review meeting with key stakeholders held in Abuja.

The meeting was used to assess progress on the bank’s establishment, as the minister confirmed that critical milestones had either been completed or were progressing on schedule.

“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,” Lokpobiri maintained.

He revealed further that beyond the completion of regulatory frameworks, discussions on capital mobilisation had also recorded “encouraging commitments from both member nations and private investors.”

Lokpobiri believes that Nigeria’s role as the host country for the AEB reaffirmed the country’s leadership position in Africa’s hydrocarbon sector.

The AEB is expected to play a pivotal role in closing the energy investment gap on the continent by financing both traditional and renewable energy projects tailored to Africa’s developmental needs.

The ICIR reported in November last year that the government had set the first quarter of this year for the take-off of the AEB in the Federal Capital Territory, Abuja.

However, the unveiling of the bank to begin operations in March 2025, as promised by the minister, failed.

In February, Lokpobiri said the building hosting the bank in Abuja was receiving finishing touches.

He had even hinted that $19 billion had already been raised for the take-off of the AEB in Abuja, adding that the Nigerian government has contributed $69.1 million part equity funding to the project.

In the statement on Sunday, Lokpobiri expressed optimism in stakeholders’ commitment to transparency and efficiency in the final stages of the bank’s takeoff.

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

The president of the African Export-Import Bank, Benedict Oramah, one of the key stakeholders present at the high-level meeting, said his bank was ready to provide structuring expertise and capital strength to ensure the successful launch of the bank.

“Afreximbank is ready to deploy its structuring expertise and capital base to ensure the AEB launches with the strength and credibility required to attract global co-investors,” Oramah said.

Also at the meeting was the Secretary General of the African Petroleum Producers Organisation, Omar Farouk Ibrahim.

“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,” he said.

It was noted that the parties had fixed a definitive timeline and date for the inaugural board meeting, which will be publicly announced soon.