The Council had considered the report and recommendation of the Africa Energy Bank Headquarters Ministerial Committee chaired by Libya’s Minister of Oil & Gas, Mohamed Oun. The three other countries that vied to host the AEB are Algeria, Benin and Ghana, after Ivory Coast and South Africa didn’t meet the necessary requirements.
Nigeria’s bid to host the AEB was strengthened in late May after it ratified the bank’s charter and President Bola Tinubu approved a $100 million investment to the bank, greater than the required $83.33 million for member states. The AEB is an international financial institution that will address the funding challenge that African oil and gas industry has come to face as a result of the energy transition.
June 3 2023 will also remain memorable in the continent’s hydrocarbon industry narrative because on that auspicious day, the creation documents of Africa Energy Banks were signed. History was made as the African Petroleum Producers Organization (APPO) member countries resolved in Cairo to establish a fund in the form of a bank to drive the development of the region’s enormous oil and gas resources.
The journey actually began during the 42nd session of the APPO Ministerial Council in Luanda, Angola on May 15, 2022, when they passed a resolution mandating the Secretary General of APPO and the Director of Africa Energy Investment Corporation (AEICORP) to negotiate with Afreximbank the modalities for the establishment of an Africa Energy Bank.
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