Africa energy bank gains NCDMB support ahead of formal launch

By Ambrose Nnaji

The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed its support for the African Petroleum Producers Organisation (APPO) and its newly established financial institution, the Africa Energy Bank (AEB), as preparations intensify for the bank’s official launch.

The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, made the commitment when the new Secretary General of APPO, Farid Ghezali, paid him a courtesy visit at the Board’s Abuja liaison office, accompanied by senior APPO officials, Bakary Traore and Tchananti Sahguir.

The meeting followed Nigeria’s handover of the fully established office of the Africa Energy Bank, clearing the way for the institution’s formal launch by APPO and Afreximbank, its joint promoters.

Ogbe described APPO and the Africa Energy Bank as critical to the future of Africa’s oil and gas industry, pledging NCDMB’s readiness to provide operational support for the bank’s take-off in line with the directives of President Bola Tinubu and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

“The NCDMB stands ready to support the successful launch of the Africa Energy Bank and the broader objectives of APPO,” Ogbe said, noting that the bank would play a strategic role in mobilising financing for energy projects across the continent.

Ghezali, who assumed office in January, sought NCDMB’s continued support in strengthening APPO’s operations, highlighting the long-standing relationship between both institutions. He outlined plans to enhance transparency, improve financial discipline and expand APPO’s membership base, disclosing that Mauritania is expected to join the organisation, further broadening its continental reach.

He stressed the importance of transparent governance structures for the Africa Energy Bank, including a credible and inclusive process for selecting its Governing Board. According to him, strict Know Your Customer (KYC) standards and credibility requirements are essential to building confidence among member countries and investors.

Discussions also focused on capacity building and regional collaboration. Ghezali proposed the creation of an interactive platform to showcase African-certified companies across key specialties, while recommending the use of NCDMB’s Nigerian Content Academy to support training and skills development across APPO member states.

Both parties agreed on the need for equitable distribution of project benefits, harmonisation of regulations, technical assistance, knowledge sharing and deeper regional market integration, particularly within West Africa, under the African Continental Free Trade Area (AfCFTA) framework.

Key resolutions from the meeting included plans to launch the interactive local content platform in the first half of 2026, strengthen financial discipline, circulate detailed roadmaps to stakeholders, follow up on outstanding member contributions and provide operational support for the Africa Energy Bank’s launch.

Ogbe requested that APPO share its implementation roadmap, timelines and an update on the bank’s financial position, while both sides agreed to hold follow-up meetings to track progress.

The engagement underscored NCDMB’s growing role in advancing Africa’s energy agenda through strategic partnerships such as the Africa Energy Bank, which aims to close longstanding financing gaps in oil, gas and energy development while supporting sustainable growth across the continent.