African Petroleum Producers Organisation’s secretary general, Omar Farouk Ibrahim, has assured member countries of the protection of their interest in the Africa Energy Bank
Delivering a goodwill message at the sixth edition of the Nigeria International Energy Summit (NIES) held recently in Abuja, Nigeria, the secretary general said that the process of establishing the bank, a partnership between APPO and Afreximbank has reached an advanced stage. He further said that a decision would be taken soon on the location of its headquarters and a take-off date.
While reiterating that the bank’s primary objective is to finance oil and gas projects in Africa in the face of the challenges being faced by the continent's industry as a result of the global paradigm shift from fossil fuels to renewable energies, Farouk Ibrahim disclosed that sovereign nations and investors outside Africa who do not share the bank’s vision would not be allowed to hold shares in the bank. He listed those eligible to hold shares to include, all African countries and their NOCs, other investors as well as NOCs outside Africa.
The secretary general also used the opportunity to express APPO’s appreciation to the President and Commander in Chief of the Federal Republic of Nigeria, Muhammadu Buhari, for his encouragement in the process of founding the Africa Energy Bank, evidenced not only in approving Nigeria’s subscription to the capital of the bank but also ensuring that some payments were made.
The sixth edition of NIES which was described as the valedictory edition of the Muhammadu Buhari administration featured top functionaries from the government, including Vice President Yemi Osibanjo; Secretary to the Government of the Federation, Boss Mustapha, and some Ministers of Petroleum/ Hydrocarbon of APPO member countries.
