Success Nwogu 
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that the capital base of the African Energy Bank is projected to exceed $19 billion.
Speaking during the opening ceremony of the Nigerian Pavilion at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, Lokpobiri stated that Afreximbank had confirmed a financial exposure of nearly $14 billion for the initiative, in addition to an initial take-off capital of $5 billion.
The Nigerian Pavilion is hosted by the Petroleum Technology Association of Nigeria (PETAN), under the 2025 theme: “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development.”
“This brings the total capital to over $19 billion,” the minister said.
He added that the African Energy Bank, spearheaded by the African Petroleum Producers Organisation (APPO) in collaboration with Afreximbank, will address funding gaps in the continent’s energy sector and play a pivotal role in eradicating energy poverty across Africa.
The bank is expected to begin operations within the current quarter.
Lokpobiri also urged African nations to repatriate overseas investments and redirect them into the African Energy Bank to strengthen the continent’s energy security and economic prosperity.
He criticized the global energy transition discourse as being driven by geopolitical interests that disadvantage Africa, and expressed approval of the return of United States President Donald Trump which could slow what he called the “hypocritical” pace of the global energy transition narrative.
He emphasized the importance of regional collaboration in solving Africa’s energy challenges and called on African countries to unite in the fight against energy poverty, stating: “Working together, African countries can overcome energy poverty, drive economic growth, and improve the lives of millions. By pooling resources, we can invest in large-scale energy projects, reduce costs, and increase efficiency.”
He also stressed the importance of cohesive energy policies tailored to Africa’s unique circumstances, warning that fragmented approaches would be ineffective in addressing the continent’s growing energy deficit.
“This conference is not a jamboree. It is a platform for Nigeria—and by extension, Africa—to showcase its vast potential,” Lokpobiri said.
In a bilateral meeting, Lokpobiri advised his Ghanaian counterpart, Mr. John Abdullahi, to draw lessons from Nigeria’s past experiences in the oil and gas sector to avoid early pitfalls.
In response, Abdullahi, Ghana’s Minister of Energy and Green Transition, acknowledged Nigeria’s leadership role in the region, stating that Ghana is eager to learn from Nigeria, particularly in local content development and climate policy.
“We will continue to consult Nigeria as we build a successful oil and gas industry. The collaboration between both countries remains strong,” he said.
Earlier, PETAN Chairman, Mr. Wole Ogunsanya, highlighted the importance of Nigeria’s presence at OTC 2025, saying the event will further emphasize Africa’s growing role in the global energy space.
“OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world’s largest energy event,” Ogunsanya said.
He recalled that PETAN was mandated by the Nigerian National Petroleum Corporation (NNPC) two decades ago to coordinate Nigeria’s participation at OTC to attract investment and foster strategic partnerships.
Ogunsanya emphasized the need for Nigeria to continue building capacity and driving value creation across the entire oil and gas value chain.
