Monday, 8 July 2024.

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Hon. Williams lauds Tinubu for winning bid to host African Energy Bank

Hon. Prince Eka Williams, Chairman Forum of the State Commissioners of Energy and Power, who doubles as Cross River State Commissioner for Power and Renewable Energy, has congratulated the President of Nigeria, Bola Tinubu, on the nation’s winning of 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 Coted’Ivoiree.

The Nigerian government, to demonstrate its commitment under the leadership of President Tinubu, approved a $100 million investment, exceeding the minimum equity requirement of $83.33 million for Class A shares.

Prince Williams in his congratulatory message said President 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.

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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.

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Frank Ulom
Frank Ulom
Frank Ulom is an experienced Journalist, Blogger and Writer with several years of experience. His stories are based on community development and have brought positive change across board.

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