African Energy Bank to Begin Operations in June 2026, Headquarters Completed in Abuja

The African Energy Bank (AEB) is scheduled to start operations in June 2026, with its headquarters now finished in Abuja. Heineken Lokpobiri, the Minister of State for Petroleum Resources, revealed this during the 9th Nigeria International Summit.

The bank, under the leadership of Mamad Colibali, President of the African Petroleum Producing Countries, will focus on financing energy projects, promoting local content development, and reducing Africa's reliance on external funding. AEB, a joint initiative with the African Export-Import Bank (Afreximbank), aims to mobilize capital for energy infrastructure and reach a $120 billion asset base within five years.

Additionally, the Nigerian National Petroleum Company is reportedly considering a $2 billion oil-backed loan to strengthen its finances and support new investments.