The Cross River State’s Commissioner for Power and Renewable Energy, who doubles as chairman, Forum of State Commissioners of Energy and Power, Prince Eka Williams, has hailed President Bola Tinubu, for leading the country to win bid for hosting of Africa Energy Bank.
The commissioner gave the commendation while commenting on the on the development in a telephone conversation with LEADERSHIP on Thursday in Calabar.
Williams spoke after Nigeria was declared winner in the race to host the headquarters of the $5 billion African Energy Bank (AEB) just as the competitive bidding process came to an end with Nigeria stealing the show.
The West African nation emerged as the preferred host nation amidst stiff competitions from Ghana, Benin Republic, Algeria, South Africa, and Cote D’Ivoire.
In a bid to demonstrate its commitment to pilot the affairs, under the leadership of President Tinubu, the Nigeria government approved $100m investment, exceeding the minimum equity requirement of $83.33 million for Class A shares.
The Commissioner described President Tinubu as a man with capacity and has demonstrated an unwavering commitment to the transformation of Nigeria’s energy landscape since assumption of office, adding that the President’s achievement further proved this fact.
Williams stressed that the African Energy Bank will provide the necessary financial support for energy projects in the nation that will drive growth and development.
“The African Energy Bank, when established, is expected to become the largest single foreign direct investment inflow into Nigeria in over two decades.
“The $5 billion AEB is expected to grow its assets to over $120 billion in seven years, making it the third-largest bank in Africa and the most prominent in Nigeria in terms of shareholders’ funds according to sources,” the Commissioner stated.
