Nigeria has met all obligations for $5bn worth African Energy Bank – Tinubu

President Bola Ahmed Tinubu said that Nigeria, as the host country of the Africa Energy Bank, has met all obligations for the commencement of the $5 billion worth of financing institution.

He disclosed this on Wednesday at the commissioning of the $400 million Green Energy International Limited (GEIL) crude export terminal in Otakikpo, Rivers State.

President Tinubu assured that the era of looking elsewhere for energy finance will be a thing of the past.

“Let me also assure Green Energy that the era of perhaps looking elsewhere for finance will soon be over.

“We have discovered that the biggest challenge we have in Africa is access to finance. And that was why we’ve come up with the African Energy Bank, which is ready to go.

“Nigeria as the host country has met its obligations. We have met all our obligations, whether legal or financial. We have met all our obligations. We are waiting for the bank to take off, which I think will take off any moment from now,” Tinubu stated.

The AEB is a $5 billion project launched in Abuja. The host city has been faced with delays.

The bank was initially billed to take off in September 2024, then shifted to January 2025, which did not materialise.

In August this year, the Secretary-General of the African Export-Import Bank, Dr Omar Farouk Ibrahim, warned that continued delay by the African Petroleum Producers Organisation in transferring equity subscription funds could further stall AEB takeoff.