13 banks listed as Renaissance unlocks N6trn oil vendor fund – Daily Trust

Renaissance Africa Energy Company Limited has unlocked a $4.1 billion (nearly N5.4 trillion) and N435 billion financing portfolio with 13 banks to fund indigenous contractors below its 500,000 barrels per day progress drive.

Unveiled at an MoU signing in Lagos, the Renaissance Vendors Financing Scheme, will present credit score assist in each naira and {dollars} to native oil and gasoline distributors executing tasks for the corporate.

The 13 collaborating banks are First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC Bank, Standard Chartered Bank, First City Monument Bank, Sterling Bank, Wema Bank, Union Bank, The Infrastructure Bank and African Export-Import Bank (Afreximbank).

Tony Attah, Managing Director and Chief Executive Officer of Renaissance Africa Energy Company, defined that the programme’s lengthy historical past demonstrated the potential to scale contractor financing in assist of the corporate’s progress agenda.

“This is a programme that has been running since 2010. We are unveiling the power of Renaissance and the scalability of the company,” he mentioned.

He recalled that the initiative started within the Shell period with a fund of about N1 billion, with a later ambition to develop it to $1 billion.

“What we’ve been able to achieve as Renaissance is to go into that partnership with these incredible 13 banks who have come up to support this vendor scheme at over $4 billion and over ₦435 billion funds available for the vendors to be able to support us in our growth agenda,” he mentioned.

He mentioned the scheme had recorded no defaults below earlier administrations. “So very good credit to the vendors themselves. Integrity is a core value to us at Renaissance,” he added.

According to him, rates of interest provided to contractors had been aggressive.

“The interest rate that the banks are offering to the contractors is very competitive, and it is certainly better than the vendors going out to the respective banks on their own,” he mentioned.

Commenting on manufacturing, Attah mentioned Renaissance elevated output by 100,000 barrels per day inside 100 days of taking on the property in March 2025.

The firm, he acknowledged, has dedicated to rising oil manufacturing to 500,000 barrels per day by 2030, with gasoline manufacturing of greater than 2.2 billion commonplace cubic toes per day for power provide and a further one billion commonplace cubic toes per day for industrialisation. This aligns with Nigeria’s aspiration to supply three million barrels of oil per day.

Olusegun Banwo, Executive Vice President, Finance, Strategy and Commercial, and Chief Financial Officer of Renaissance, mentioned the scheme’s success could be measured by its precise influence on contractors and mission supply quite than financing commitments alone. Key indicators would come with the quantity of financing disbursed, how rapidly certified distributors might entry funds, and the extent to which the ability improved mobilisation, mission execution, Nigerian content material and manufacturing.

Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, mentioned the scheme might assist handle one of many largest constraints going through indigenous oil and gasoline service corporations: entry to inexpensive credit score.

Under the scheme, contractors with confirmed tasks might entry financing via the collaborating banks with out typical collateral, topic to contract verification by Renaissance, Ogunsanya mentioned.

He famous that borrowing charges from Nigerian banks might vary between 10 and 12 per cent, and expressed hope the ability might convey them all the way down to between eight and 9 per cent.

According to Ogunsanya, the ability addresses an tools hole that might constrain manufacturing progress throughout the trade.

He mentioned native service corporations would wish substantial funding in tools and {hardware} over the subsequent 4 to 5 years to assist increased output.

He acknowledged that tools acquired via the scheme might additionally serve different operators when not required for Renaissance’s tasks, extending the advantages past the corporate and strengthening Nigeria’s oilfield providers sector.

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