• The bank received its provisional headquarters in Nigeria on February 2

• Initial capital is set at $500 million, with a long-term target of $5 billion

• Member states have begun contributions ahead of the planned June launch

The African Energy Bank (AEB) project reached a key milestone on February 2 with the handover of its provisional headquarters in Nigeria. The facility was received by Mamadou Sangafowa-Coulibaly, Côte d’Ivoire’s minister of mines and petroleum and current president of the African Petroleum Producers’ Organization (APPO).

The development marks the institution’s transition into a near-operational phase. Next steps include setting up the board of directors and recruiting the bank’s executive management. The objective is to begin operations in June 2026. The timeline now depends on the completion of remaining administrative and institutional procedures, which member states and technical partners are expected to accelerate to meet the announced deadline.

A financial tool focused on energy

The African Energy Bank will start with seed capital of $500 million, representing 10% of its final target. This initial funding is expected to support the bank’s first operations. Total capital is projected to reach $5 billion over time.

Several countries have already made contributions through the Africa Energy Investment Corporation (AEICORP), the financial institution established by APPO member states. Côte d’Ivoire contributed more than $20 million in December 2025. Nigeria, Angola, and Ghana have also made payments. Additional contributions are expected at a summit scheduled for the first half of 2026.

For producing countries, the main challenge remains access to financing for energy projects. The bank plans to operate across the entire energy value chain, covering exploration, production, processing, and marketing of hydrocarbons, while also supporting renewable energy projects. It is positioned as a development institution dedicated specifically to financing Africa’s energy sector.

With four months remaining before the planned start of operations, priorities now include mobilizing the remaining capital and selecting the first projects to be financed.

Chamberline Moko