The African Energy Bank (AEB) is scheduled to launch in September, promoter African Petroleum Producers' Organisation (Appo) has said.
Appo secretary general Farid Ghezali acknowledged "several postponements" but said the new deadline is "to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view". A planned April start was pushed back to this month before Appo members were again mobilised around a third-quarter deadline.
Ghezali called on Appo members to redeem their pledges towards the $500mn start-up capital before the end of June. A source told Argus in May that 91pc of this had been raised and that Nigeria's state-owned NNPC and local content regulator NCDMB would make up the balance. The latter, which sits on Appo's board, said earlier this week that Nigeria remains committed to AEB's "formal commencement of operations", but provided no specifics.
Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60pc of its oil products consumption and producing only 12pc of global upstream liquids while being home to many of the world's largest national oil and gas reserves.
NCDMB said AEB will achieve its aim by "mobilising private-sector funds for energy projects across the continent". Ghezali said the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40pc of AEB's loan book and the priority will be given to projects that contribute towards the creation of "500,000–1mn direct and indirect jobs in the energy value chain".
But even with the September start, Ghezali said AEB loan-making will only "open at the end of 2026". AEB will be based in Abuja, Nigeria.
