The Chairman, Forum of the State Commissioners of Energy and Power, Prince Eka Williams, who doubles as Commissioner for Power and Renewable Energy, Cross River State, has congratulated the President of Nigeria, Bola Ahmed Tinubu, on the nation’s winning bid to host the Africa Energy Bank.
Nigeria emerged victorious in the race to host the headquarters of the $5 billion African Energy Bank (AEB) after a competitive bidding process. The West African nation emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire.
The Nigerian government, to demonstrate its commitment under the leadership of President Bola Tinubu, approved a $100 million investment, exceeding the minimum equity requirement of $83.33 million for Class A shares.
Prince Eka Williams in his congratulatory nessage said President Bola Ahmed Tinubu has demonstrated an unwavering commitment to the transformation of Nigeria’s Energy Landscape in the past one year and this achievement further proves this fact.
He added that the African Energy Bank will provide the necessary financial support for energy projects in the nation that will drive growth and development. The African Energy Bank, when established is expected to become the largest single foreign direct investment inflow into Nigeria in over two decades
The $5 billion AEB is expected to grow its assets to over $120 billion in seven years, making it the third-largest bank in Africa and the most prominent in Nigeria in terms of shareholders’ funds according to sources.
