Photo File : President Bola Ahmed Tinubu

President Bola Ahmed Tinubu has announced that Nigeria has fulfilled all its legal and financial obligations as the host country for the African Energy Bank (AEB), a $5 billion financing institution set to bolster energy investment across the continent.

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

President Tinubu assured stakeholders that the establishment of the bank will mark the end of Africa’s overreliance on external sources for energy project financing.

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

“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 — legal and financial. We are now only waiting for the bank to take off, which I believe will happen any moment from now.”

The African Energy Bank, initially launched in Abuja, is a landmark initiative intended to support energy development across Africa, especially in oil and gas infrastructure, renewables, and related projects.

Although originally scheduled to begin operations in September 2024, and later postponed to January 2025, the bank’s takeoff has been delayed due to outstanding commitments by some stakeholders.

In August 2025, Dr. Omar Farouk Ibrahim, Secretary-General of the African Petroleum Producers Organization (APPO), cautioned that continued delays in transferring equity subscription funds by member states could further stall the bank’s commencement.

Despite the setbacks, President Tinubu’s remarks signal Nigeria’s readiness and renewed commitment to seeing the project come to life, positioning the country at the forefront of Africa’s energy financing landscape.