Africa Energy Bank: FG still committed to meeting September deadline

The Federal Government has reiterated commitment to meet the September deadline set out for the commencement of the African Energy Bank (AEB).

Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), gave the assurance on Wednesday in Abuja when Dr Umar Ibrahim, Secretary-General, African Petroleum Producers’ Organisation (APPO) visited him.

It was reported that Nigeria, on July 4, was granted the hosting right for the Africa Energy Bank after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding.

To ensure the bank’s operationalisation, APPO Secretary-General called on African oil-producing member countries to contribute their subscription fees of 83 million dollars, aiming for the bank’s inauguration in September 2024.

Lokpobiri said it was working assiduously to resolve the issues bordering on the host country agreement, the headquarters building and then the balance of the subscription.

“We are working very seriously to fulfill all the things we have signed up to do before the end of September, so that the bank can actually start off.

“We want to emphatically state that Nigeria is committed to meeting her obligations as a host country. We are working day and night to ensure that we meet the September deadline,” he said.

He said the Permanent Secretary of the ministry, Amb. Nicholas Ella and him, had been meeting practically daily, while the permanent secretary had been spearheading the technical team to ensure that everything was done within the time frame.

He commended Ibrahim for the excellent job he had done for APPO, adding that since his assumption as the Secretary-General, APPO had been rebranded and grown exponentially to its current level.

“And we Nigerian are very proud of you, not just as our ambassador, but as an ambassador of Africa.

“Anytime you speak, the rest of the world listens because of your depth of knowledge and the way you have been rated globally as far as the energy community is concerned,” he said.

The minister, while urging him to join in building the bank to a strong level before exiting as the Secretary-General, said he supported all the countries, though criteria was clearly spelt out but Nigeria won squarely.

Earlier, the Secretary-General, who was on his first visit to Nigeria after it won the AEB hosting right, commended the ministry for its efforts toward the establishment of the Bank, an initiative of the APPO and Afreximbank.

“There are issues. One is the host country agreement, second is the headquarters preparing it and the third is to make up the difference between what Nigeria pledged and what Nigeria has paid so far.

“Everybody is looking up to Nigeria. Ministers of other countries are asking me, when are you moving? When are we starting,” he said.

He then appealed to the Federal Government to conform with its promise to APPO which informed the decision to give Nigeria the hosting right.

As a Nigerian, I am very happy, pleased and very proud of what you have done. I want to make it very clear, Nigeria won and won fair and square.

“And I want to say that really Nigeria should be proud of its team in APPO, the minister, the permanent secretary and consultants.

“You have earned the respect of your colleagues. And I want this to be sustained,” he said.