Afreximbank and the African Petroleum Producers’ Organisation (APPO) formally established the Africa Energy Bank (AEB) in Abuja, Nigeria, on Saturday, October 31, 2026, with $5 billion in authorised capital. The new pan-African lender aims to mobilise financing for energy projects as some international funders scale back their exposure to fossil fuels.
At the bank’s inaugural general meeting, its founders appointed Helmy Ghazi as its first president and established an initial board of directors. The board will include representatives of the public and private sectors alongside African policy institutions, putting the first governance structure in place after years of preparations by the two sponsors.
The planned financing mandate covers exploration and production of oil and gas, as well as transportation, processing, refining and distribution. Its backers want to support more industrial activity within Africa, reduce dependence on imported refined petroleum products and strengthen trade in energy goods between African countries.
Attracting African investment
To support that mandate, AEB will seek investment from governments, national oil companies, financial institutions and private investors. The announced $5 billion represents the bank’s authorised capital, establishing its capital framework. Its subsequent financing capacity will depend on the resources it raises.
Afreximbank and APPO see the institution as a response to declining international funding for some fossil-fuel developments. Their stated approach is to attract African investment into production, processing and transport infrastructure through an independent supranational financial institution.
The Abuja meeting follows earlier steps by Nigeria, which handed premises for the Africa Energy Bank’s headquarters to its promoters in early 2026. The appointment of the president and constitution of the board now give the new continental financing institution its initial leadership.