Content Board Backs African Petroleum Producers On Energy Bank Establishment

The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed its strong support to the African Petroleum Producers Organisation (APPO) and its newly established financial institution – the Africa Energy Bank (AEB).

The executive secretary of NCDMB, Felix Omatsola Ogbe made the pledge on Thursday when the new secretary general of APPO, Farid Ghezali paid him a courtesy visit at the Board’s Abuja liaison office, in company with senior officials of APPO, Bakary Traore and Tchananti Sahguir.

The meeting came on the heels of Nigeria’s handing over of the fully set up office of AEB on Monday, paving way for the Bank’s launch by APPO and Afreximbank – owners of the institution.

The executive secretary conveyed the agency’s strong support to APPO and the Africa Energy Bank’s success, noting that the future of the African oil and gas industry depended largely on the performance of both institutions.

“The NCDMB stands ready to provide operational support for the bank’s launch, in full alignment with the directives of President Bola Ahmed Tinubu and the Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri,” he noted.

The APPO secretary general who assumed office in January 2026 sought the continued support of NCDMB to actualise APPO’s operations, recalling the long standing relationship between the institutions. While outlining plans for improved transparency in the association’s operations, he advocated for timely financial contributions from member countries, recruitment of new members, and an expected increase in subscriptions. He announced that Mauritania is anticipated to join APPO soon, further strengthening the organization’s continental reach.

H.E. Farid Ghezali emphasised the critical need for a transparent selection process of the Governing Board of the Africa Energy Bank, as well as structure and governance process, ensuring all APPO member countries remain equally informed of developments in the bank. He underscored the importance of rigorous Know Your Customer (KYC) and credibility requirements to build a credible and inclusive institution.

Discussions at the meeting also explored innovative capacity-building measures. H.E. Ghezali proposed developing an interactive platform to showcase African-certified companies in key specialties, while recommending the leveraging of NCDMB’s renowned Nigerian Content Academy for training and skill development across member states. Both sides agreed on the need for equitable distribution of project benefits, harmonization of codes and regulations, technical assistance, knowledge sharing, honest collaboration, and the promotion of regional markets, particularly in West Africa, under the African Continental Free Trade Area (AfCFTA) framework.

Key decisions included launching the interactive local content platform in the first half of 2026, prioritizing financial discipline, circulating relevant roadmaps to stakeholders, following up on outstanding contributions, and providing operational support for the launch.

Engr. Ogbe requested that APPO circulate the detailed roadmap, implementation timeline, and an update on the financial position, while scheduling a follow-up meeting to track progress.

The meeting concluded on a positive note, with all parties renewing their commitment to transparency, genuine collaboration.

The engagement underscores NCDMB’s pivotal role in advancing Africa’s energy agenda through strategic partnerships like the AEB, which aims to mobilize significant financing for oil, gas, and energy projects, addressing historical funding gaps and promoting sustainable development across the continent.