ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, September 17, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    Mbappé Scores Twice As Madrid Cruise To Winning Start In Champions League

    Martinelli, Trossard Hand Arsenal Perfect Champions League Start In Bilbao

    FCC Endorses NUGA To Strengthen National Unity

    American Tinch Wins World 110m Hurdles Gold In Tokyo

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    Mbappé Scores Twice As Madrid Cruise To Winning Start In Champions League

    Martinelli, Trossard Hand Arsenal Perfect Champions League Start In Bilbao

    FCC Endorses NUGA To Strengthen National Unity

    American Tinch Wins World 110m Hurdles Gold In Tokyo

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Energy Bank: APPO Charge Members On $83m Fees To Ease September Take-off

by Leadership News
1 year ago
in Business
APPO
Share on WhatsAppShare on FacebookShare on XTelegram

The African Petroleum Producers’ Organisation (APPO) has urged member-countries to fulfil their financial obligations towards establishing the Africa Energy Bank (AEB), which will be located in Abuja, Nigeria.

Advertisement

To ensure the bank’s operationalisation, APPO secretary general Dr. Umar Farouk Ibrahim called on African oil-producing member countries to contribute their subscription fees of $83 million to ensure the bank’s launch in September 2024.

Last week, Nigeria secured the hosting rights for the AEB which will be located in Abuja, the nation’s capital.

Dr. Ibrahim made this appeal on Tuesday during the 18th ordinary meeting of the APPO executive board in Brazzaville, Republic of Congo, where APPO’s headquarters is situated.

Leading the Nigerian delegation at the executive board meeting in Brazzaville is the permanent secretary of the Ministry of Petroleum Resources, Nicholas Ella.

Related News

Crypto Casinos Malaysia: Ready For A Digital Ringgit Revolution

4 hours ago

UBA Fire: 9 Rescued, 5 Revived As Emergency Response Intensifies In Lagos

7 hours ago

Dr. Ibrahim reaffirmed the APPO council of ministers’ resolution to confer the hosting rights of the Africa Energy Bank on Nigeria, a statement released by Amb. Ella, on Wednesday, indicated.

“We are aligned with the resolutions of the APPO council of ministers from last week. We will double our efforts to ensure we gather the necessary funds to initiate the Africa Energy Bank,” stated Dr. Ibrahim.

He further disclosed that the oil-producing member countries had formally written to the Nigerian government to discuss expedited steps to establish the bank.

“On Friday, July 5, we formally wrote to the Federal Republic of Nigeria.

We will discuss how quickly the bank building will be ready and the host country agreement prepared for signature. We already have one member country that has signed the establishment agreement; we need one more signature to proceed,” Dr. Ibrahim added.

Expressing President Bola Tinubu’s gratitude to member states for their unwavering support and confidence in Nigeria’s bid to host the Africa Energy Bank, Amb. Ella reiterated Nigeria’s commitment to the continental bloc’s ideals to enhance energy security in Africa.

“The gathering of the 18-member countries of APPO in Brazzaville demonstrates our collective dedication to fostering unity, cooperation, and sustainable development within the African energy sector,” noted Amb. Ella.

He pledged Nigeria’s determination to collaborate with other members to address the financial needs of Africa’s energy sector through funding oil and gas projects. Amb. Ella urged member countries to “harness the collective strength of our nations to build a brighter, more prosperous future for Africa.”

“Together, we will create an institution that addresses the financial needs of our energy projects and champions sustainable development, environmental stewardship, and economic inclusivity across Africa,” he added.

During a brainstorming session on the continent’s energy future, Algerian executive board member Remini Amine emphasised that local content, manpower, and infrastructure development are key to unlocking Africa’s energy opportunities.

APPO member state representatives agreed that the Africa Energy Bank would bridge funding gaps in the sector. Dr. Ibe Kachikwu, former Nigerian Minister of State Petroleum Resources, suggested a ten-year plan for the energy industry to encourage an “open era” for investment.

Dr. Kachikwu advised APPO to grow the energy bank’s capital base before investing.

Speakers at the week-long event emphasised the need for national oil companies (NOCs) to lead in crude oil production and refine oil to meet local consumption needs.

The Africa Energy Bank is an initiative of the African Petroleum Producers Organisation and Afreximbank.

Join Our WhatsApp Channel

Tags: APPO
SendShare10170Tweet6356Share

Other News Updates

Business

Crypto Casinos Malaysia: Ready For A Digital Ringgit Revolution

2025/09/16
Business

UBA Fire: 9 Rescued, 5 Revived As Emergency Response Intensifies In Lagos

2025/09/16
Business

Lenders Would Have Seized My Assets If Refinery Project Failed – Dangote

2025/09/16
Business

Court Orders Final Forfeiture Of $7m In Providus Bank Vault

2025/09/16
Business

Nigeria’s AI Adoption Surpasses Global Growth Average

2025/09/16
Business

Nigeria Leads Digital Asset Adoption In Africa

2025/09/16
Leadership Conference advertisement

LATEST

Mbappé Scores Twice As Madrid Cruise To Winning Start In Champions League

Crypto Casinos Malaysia: Ready For A Digital Ringgit Revolution

651 Kidneys Worth $41bn Sold In Nigeria

Martinelli, Trossard Hand Arsenal Perfect Champions League Start In Bilbao

FCC Endorses NUGA To Strengthen National Unity

NASC Appoints Emmanuel Odo As Acting Clerk For Senate

Sowore Counters DSS’ Suit, Seeks Enforcement Of Fundamental Rights In Court

GWR Feat: First Lady Remi Tinubu Hails Chef Hilda Baci

‘Tinubu Has Better Balance Sheet Than Buhari’, Says SDP Chieftain Adebayo

2 Die In Petrol Tanker Accident On Ilorin–Jebba Expressway

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.