Member Countries Asssured of the Protection of their Interest in the Africa Energy Bank – APPO

APPO’s Secretary General (SG), H.E. Dr Omar Farouk Ibrahim, has assured Member Countries of the protection of their interest in the Africa Energy Bank.

Delivering a goodwill message at the 6th edition of the Nigeria International Energy Summit (NIES) held recently in Abuja, Nigeria, the SG 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 Africa’s Oil and Gas Industry as a result of the global paradigm shift away from fossil fuels to renewable energies, Dr. 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 SG also used the opportunity to express APPO’s appreciation to the President and Commander in Chief of the Federal Republic of Nigeria, HE 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 6th edition of NIES which was described as the valedictory edition of the Muhammadu Buhari administration featured top Nigerian Government functionaries including Nigeria’s Vice President, Professor Yemi Osibanjo, the Secretary to the Government of the Federation, Mr Boss Mustapha and some Ministers of Petroleum/ Hydrocarbon of APPO Member countries.

APPO’s SG, Dr. Omar Farouk Ibrahim was honoured with a recognition award from the organizers of the event for his immense contribution to the development of the African Oil and Gas industry.

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