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Nigeria hosts $5bn Africa Energy Bank headquarters

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Nigeria has hosted the formal establishment of the Africa Energy Bank, a new $5bn financial institution designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

The African Export-Import Bank and the African Petroleum Producers’ Organisation announced the establishment of the bank at its inaugural general meeting held in Abuja on Saturday, according to a joint statement issued by both institutions.

“African Export-Import Bank and the African Petroleum Producers’ Organisation have formally announced the establishment of the Africa Energy Bank. The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026,” the statement read.

According to the statement, the bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting Africa’s efforts to reduce dependence on imported petroleum products.

The statement added, “With an authorised capital of $5bn, the AEB will support projects across the energy value chain, including exploration and production, transportation, processing, refining, and distribution.”

The establishment of the institution comes amid growing concerns over financing constraints facing Africa’s petroleum industry, particularly as international financial institutions increasingly restrict lending to fossil fuel projects.

Afreximbank and APPO estimated the continent’s energy investment requirements at `$200bn, indicating a substantial funding gap that the new institution is expected to help address.

The bank’s authorised capital of $`5bn represents 2.5 per cent of the estimated investment requirement, highlighting the scale of additional financing needed to develop Africa’s energy infrastructure.

The statement explained that conventional sources of long-term and short-term financing were withdrawing support from fossil fuel investments despite the continued importance of oil and gas to African economies.

It stated, “Traditional providers of short- and long-term financing to Africa’s energy sector are withdrawing funding from fossil fuels, even as oil and gas remain vital to the continent’s energy systems.”

The institutions said the new bank would seek to bridge this financing gap while supporting an energy transition that takes account of Africa’s development priorities.

Beyond petroleum production, the bank is expected to support investments that strengthen local processing capacity, expand refining infrastructure and improve the movement of energy products across African markets.

These interventions are intended to reduce reliance on imported refined petroleum products and promote intra-African energy trade.

The statement added, “The Bank’s mandate also includes promoting robust African participation in the continent’s energy sector to ensure that Africa’s energy future is shaped by Africans.”

According to the promoters, the Africa Energy Bank will operate as an independent, supranational pan-African financial institution, attracting investments from governments, national oil companies, financial institutions and private investors.

At the inaugural general meeting, participating institutions approved the appointment of Helmy Ghazi as the bank’s first president.

They also constituted its inaugural Board of Directors, comprising representatives from the public and private sectors and policy institutions across Africa.

The meeting was attended by Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; the President and Chairman of Afreximbank, George Elombi; and Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly.

Afreximbank and APPO said the institution would also support investments in energy generation and transmission, which they identified as critical to industrialisation and the growing electricity requirements of emerging technologies, including artificial intelligence.

The establishment of the bank represents a coordinated effort by African petroleum-producing countries to develop alternative financing arrangements for energy projects amid changing global investment priorities.

Afreximbank disclosed that its total assets and contingencies exceeded $54.1bn at the end of September 2026, while shareholder funds stood at $9bn.

APPO, established in Lagos in 1987, promotes cooperation among African petroleum-producing countries through policy coordination, technical collaboration and knowledge sharing.

The new bank is expected to draw on the institutional experience of both organisations to mobilise capital for energy development across the continent.

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Horsfall’s Legacy ‘ll Inspire Generations Yet Unborn -Fubara

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Rivers State Governor, Sir Siminalayi Fubara, has described the late Chief Albert Korubo Horsfall as a distinguished statesman whose contributions to national development brought honour and distinction to the Kalabari Kingdom and Rivers State.

Fubara said Horsfall’s life of service, patriotism, integrity and commitment to humanity had left an enduring legacy that would continue to inspire generations.

The governor spoke through the Secretary to the Rivers State Government, Dr Dagogo Wokoma, at the funeral service of the late elder statesman last Saturday in Buguma, Asari-Toru Local Government Area of the State.

He described Horsfall as a patriotic Nigerian whose leadership and dedication to the country’s development earned him a place in the nation’s history.

“Chief Horsfall was a distinguished statesman whose life was defined by service, patriotism, integrity and commitment to humanity.

“His contributions to our nation, particularly through his service as Director-General of the State Security Service, pioneer Director-General of the National Intelligence Agency and Chairman of OMPADEC, remain significant milestones in our national history,” Fubara said.

The governor noted that the late Horsfall’s contributions to national security, intelligence administration and the development of the Niger Delta would remain part of his enduring legacy.

“His legacy of leadership, national service and dedication to development will remain an enduring source of inspiration to generations yet unborn,” he added.

Fubara urged the bereaved family, the Kalabari people and other Nigerians to uphold the values of peace, unity and selfless service exemplified by the late elder statesman.

The funeral service attracted several dignitaries, including the Director-General of the Department of State Services (DSS), the Director-General of the National Intelligence Agency (NIA), a representative of the Bayelsa State Governor, the Managing Director of NDDC, Chairman of PENDEF and the Regent of the Kalabari Kingdom.

Also in attendance were the Rivers State Commissioner for Education, the Commissioner for Special Projects and other government officials, traditional rulers and stakeholders.

 

 

 

 

 

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Fubara Reaffirms Commitment To Grassroots Dev

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Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to partner with local government councils that prioritize the welfare and development of people at the grassroots.

Fubara stated this last Thursday in Nkoro Town during the commissioning of the newly built Sir Siminalayi Fubara Corps Members’ Lodge, executed by  Hon. James A. James, the Chairman of Opobo/Nkoro Local Government Area.

Represented by his Chief of Staff,  Mr  Sunny Ewule, the governor said the project goes beyond a building to represent hope, hospitality and responsible leadership.

According to him, providing decent and safe accommodation for Nationl Youth Service Corps (NYSC) members who leave their comfort zones to serve in communities is the least government can do.

“Today we are not just commissioning  a building, we are commissioning hope, hospitality and responsible leadership. The Chairman of Opobo/ Nkoro LGA,  Hon. James A. James has understood a very simple truth that those who come to serve us must serve with dignity,.

“Our young graduates who serves under the NYSC scheme leave the comfort of their homes and travel far to contribute to our communities, they teach our children, they  work in our health centres, and they become parts of our families.

“The least we can do is give them a decent, safe and befitting place to lay their heads. What Hon. James A. James has done today is in total alignment with the vision of  this administration, an administration that believes in people, that prioritises welfare and that believes development must be felt in every local government and not just in Port Harcourt” he said.

Fubara further urged the beneficiaries of the corpers lodge to make good use of the facilities of the newly built  edifice and be  good ambassadors of Nigeria,  respect the culture and traditions of the host community while  continue to serve with dedication and patriotism.

“This Corpers lodge will enhance the security and welfare of serving corps members, boost their morale and make Opobo/Nkoro and even more attractive place for posting, it is a strategic investment in human capital and in peace building,” he said.

He commended the Opobo/Nkoro Council Chairman for aligning with his administration’s vision of ensuring development is felt in all 23 local government areas of the State, and not just in Port Harcourt, adding that the lodge is a strategic investment in human capital, security and peace building.

In his goodwill message, the Rivers State NYSC Coordinator, Mr. Moses Oleghe, said the accommodation was 85 percent of Corps members’ challenges.

Oleghe thanked Governor Fubara for the recent  increase in the  State allowances for Corps members to N35,000 for those in 21 rural areas and N20,000 for those in Obio/Akpor and Port Harcourt City LGAs, describing the gesture as a moral booster for the corps members.

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 IGP Secures Foreign Training Offer For 5,000 Police Officers

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The Inspector-General of Police, IGP Olatunji Disu, has secured an offer of specialised training for up to 5,000 Nigerian police personnel under a proposed security cooperation involving Nigeria, the United States and Italy.

The Force Public Relations Officer, CSP Ani Iniedu, disclosed this in a statement issued at the Force Headquarters, Abuja, at the weekend.

The initiative is aimed at strengthening the operational capacity of the Nigeria Police Force to tackle insurgency, terrorism, kidnapping, arms trafficking and other emerging security threats across the country.

According to the statement, the proposed training programme will focus on counter-insurgency operations, intelligence-led patrols and tactical operations, particularly in difficult rural and forested environments.

Other areas of training include critical infrastructure protection, digital and scientific forensics, cybercrime investigations, explosives detection, financial investigations, asset tracing and anti-extortion operations.

The programme is expected to extend beyond the Police Mobile Force to other specialised units, including explosive ordnance disposal and forensic teams.

As part of the engagement, Disu met with the Commander-General of the Italian Carabinieri, Lieutenant-General Salvatore Luongo, to explore areas of technical assistance, professional training and institutional cooperation.

The police chief and his delegation also visited the Carabinieri Centre of Excellence for Stability Police Units in Vicenza, Italy, where they assessed training facilities and explored opportunities to adapt specialised policing programmes to Nigeria’s security needs.

Proposals discussed during the visit included command courses for 40 senior police officers, leadership training for 100 junior commanders and the deployment of a mobile assistance team to support Police Mobile Force training schools in Gwoza, Borno State, and Ila-Orangun, Osun State.

The discussions also covered the development of a national stability policing doctrine and standard operating procedures to improve professionalism, operational coordination and civilian protection, particularly in communities recovering from conflict.

Other areas of proposed cooperation include canine operations, forensic science and mounted policing, including horse breeding and local capacity development for effective public order management.

To formalise the proposed partnership, the IGP has initiated moves towards a Memorandum of Understanding covering specialised training, technology transfer and operational procedures.

He also invited an Italian Carabinieri assessment team to Abuja to identify priority needs and develop implementation arrangements.

Disu reaffirmed the commitment of the Nigeria Police Force to international partnerships that will strengthen operational readiness, improve investigative capacity and enhance the protection of lives and property.

The statement did not, however, indicate when the proposed training programme would commence or provide a definite implementation timetable.

 

 

 

 

 

 

 

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