Business

High Expectations for Imminent take-off Africa Energy Bank

The bank, which targets an asset base of $120 billion, will fund oil and gas projects and support the continent’s energy transition programme.

Published

1 year ago

February 12, 2025

OCHEFA

451 Views

Logo: African Petroleum Producers Organization

The Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri says that the Africa Energy Bank (AEB) to be headquartered in Nigeria would be unveiled in the first quarter of 2025.

The Federal Government previously designated January 28, 2025, as the deadline for operationalizing the $5 billion Africa Energy Bank in Abuja, Nigeria’s capital.

The bank which targets an asset base of $120 billion will fund oil and gas projects and support the continent’s energy transition programme.

Senator Lokpobiri disclosed the March opening date yesterday in Lagos during the 2025 Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) with the theme: “Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry”

The fossil fuel-focused bank is a partnership between trade finance institution Afrexim Bank and the African Petroleum Producers Organization.

The Minister in his opening remarks said the building for the bank is ready, “and we are only putting finishing touches to it, by the end of this quarter, this bank will take off.”

The Minister said that Nigeria will increase oil drilling and remove all impediments to achieve the 2.5 million barrels per day target this year.

Related Topics:Africa Energy Bank Featured Oil and Gas

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Naira Exchange Rates Thursday, 23 July

Published

21 hours ago

July 23, 2026

OCHEFA

35 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,369.63

GREAT BRITISH POUND (GBP) ₦1,833.12

EURO (EUR) ₦1,563.03

SWISS FRANC (CHF) ₦1,685.08

JAPANESE YEN (JPN) ₦8.40

CHINESE YUAN (CNY) ₦202.21

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90

SAUDI RIYAL (SAR) ₦366.36

SOUTH AFRICAN RAND (ZAR) ₦83.40

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

2 days ago

July 22, 2026

OCHEFA

40 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.