By Udeme Akpan

THE Permanent Secretary, Ministry of Petroleum Resources, Amb Nicholas Ella, said the $5 billion African Energy Bank, AEB, would take off January 28, 2025.

Ella, who disclosed this at the opening session of the APPO Executive Board members meeting on Tuesday in Yaounde, Cameroon, said the bank would operate from Abuja.

Ella, the Executive Board Member, representing Nigeria at the African Petroleum Producers Organization (APPO), said: “I am pleased to address the Executive Board (EB) meeting on this very important subject matter – the takeoff of the Africa Energy Bank Headquarters in Abuja, Nigeria.

“As you are no doubt aware, the Headquarters building (of the Africa Energy Bank) was inspected by the Technical Team on 24th May 2024, and renovation works for its completion are ongoing.

‘Nigeria is fully committed to delivering the building with furnishing to the bank in good time. We have the full support and cooperation of Mr President and our National Assembly to actualise this project in Nigeria.”

Ella reminded attendees that Nigeria’s Federal Executive Council, on June 25, 2024, “approved the hosting of the Bank.

“FEC also endorsed the AEB’s Establishment Document, instructing the Attorney General and Minister of Justice to begin the ratification process.”

According to him, the Attorney General concluded the process on September 9, 2024, and has since sent the AEB Establishment Documents to the President for assent, after which they will be forwarded to APPO.