Renaissance Africa Energy Company Limited has brought Sterling Bank and 12 other financial institutions into a Nigerian financing program intended to help local oil and gas contractors fund awarded work.
Renaissance said Oct. 15 that the institutions subscribed a financing portfolio of $4.1 billion and ₦435 billion following a memorandum of understanding signing in Lagos on Oct. 14. Those amounts describe subscribed financing, not loans paid to contractors. The company gave no disbursement total or amount assigned to Sterling Bank.
In its request to prospective lenders, Renaissance identified funding constraints facing local contractors and sought credit for contracts it had awarded. The intended beneficiaries are suppliers carrying out its projects, but the subscribed amounts do not show how much financing any contractor has received.
Wole Ogunsanya, chairman of the Petroleum Technology Association of Nigeria, linked service companies’ difficulty buying equipment to expensive credit, brief repayment terms and banks’ collateral demands. Renaissance did not publish final lending rates or other borrowing terms for the relaunched program.
Renaissance said the program began in 2010, when Shell operated the business. Shell completed the sale of its Nigerian onshore subsidiary to Renaissance on March 13, 2025. The transaction gave Renaissance control of the subsidiary’s 30% stake in its operating joint venture.
Renaissance Chief Financial Officer Olusegun Banwo said project delivery would be one measure of the program’s performance. He also cited the volume of funding that reaches contractors and how quickly qualified vendors obtain it. Renaissance gave no date for reporting those measures.
