Nigeria May Be Headquarters to Africa Energy Bank, FG to Invest $100 Million in Shares
- The Nigerian government has approved $100 million for class A shares in the newly proposed Africa Energy Bank
- President Bola approved the fund to give Nigeria a fighting chance to host the $5 billion bank to be launched in July
- Inspection teams from Afrexim Bank and the African Petroleum Producers Organisation finalized their tour of Nigeria
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
President Bola Tinubu has approved a $100 million investment in Class A shares in the proposed African Energy Bank.
According to a statement from the Permanent Secretary in the Federal Ministry of Petroleum Resources, Nicholas Ella, the president approved the $100 million investment from four agencies for class A shares in the soon-to-be-launched Energy Bank.
Source: UGC
New investment to give Nigeria a better chance
Ella said:
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“This decision positions Nigeria favourably to win the bid, potentially reshaping the country’s oil and gas ecosystem.”
He said that the technical inspection team from the African Petroleum Producers Organisation and the Afrexim Bank, the promoters of the new Africam Energy Bank, completed their inspection to validate Nigeria’s ability and readiness to host the headquarters of the bank to be established in July 2024.
Reports say during the first round of bidding early this year, Nigeria, Ghana, Benin, and Algeria prequalified for the final round of bidding.
The countries will compete to host the multinational $ billion Africa Energy Bank.
The new bank to host hydrocarbon deposits
The $100 million investment is critical to positioning Nigeria as a strong contender to host the bank. The bank will play a crucial role in financing Africa’s hydrocarbon deposits, supporting energy transition, and achieving net zero 2060 commitments.
The approval shows Nigeria’s commitment to securing a favorable position in the bid.
The decision can reshape Nigeria's oil and gas ecosystem, demonstrating the importance of investment in the country’s energy landscape.
Another commercial bank begins operation in Nigeria
Legit.ng earlier reported that NOVA Merchant Bank, one of the leading merchant banks in Nigeria, has announced that it is set to begin conversion to an entire commercial banking business after getting a license from the Central Bank of Nigeria (CBN).
The bank also appointed Adebowale Oyedeji as the new managing director and chief executive officer to manage the bank's operations.
Oyedeji's appointment, which begins on January 2, 2024, has been approved by the CBN.
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Source: Legit.ng
