Stakeholders have welcomed the launch of the $5 billion African Energy Bank, describing it as a long-overdue step toward reducing Africa’s reliance on external financing and driving a sustainable energy transition. The announcement formed the centerpiece of the 23rd Annual Aret Adams Memorial Lecture Series 2026 in Lagos, organised by the Aret Adams Foundation in memory of the late Chief Godwin Aret Adams, former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).
The bank, a joint initiative of African Petroleum Producers’ Organisation (APPO) member states and the African Export-Import Bank (Afreximbank), will be headquartered in Abuja. It aims to mobilise investment for large-scale energy projects, including solar, wind, hydro, gas, and emerging technologies such as green hydrogen.
Speaking at the lecture, Bismarck Rewane, Managing Director/CEO of Financial Derivatives Co. Limited, said the bank is crucial to Nigeria’s ambition of becoming a $1 trillion economy by 2030. He stressed the need to close Africa’s energy gap, improve resource management, and leverage the bank to drive industrialisation, job creation, and strategic energy reserves.
Rewane highlighted the continent’s untapped energy potential and noted that per capita electricity consumption remains among the world’s lowest. He projected that with targeted financing and policy initiatives, Africa’s energy sector could undergo transformative growth within five years.
Layi Fatona, Chairman of the Aret Adams Foundation Governing Council, praised the late Adams for his lasting contributions to Nigeria’s oil and gas sector, while Charles Osezua, Chairman of the Foundation’s Board of Trustees, commended federal efforts to improve access to capital for energy projects.
Established in 2003, the Aret Adams Foundation continues to promote excellence, transparency, and capacity building in Nigeria’s oil and gas industry through scholarships, academic chairs, and annual lectures addressing sectoral challenges.
