Full List: 13 Banks Behind Renaissance’s N6trn Oil Vendor Fund

Lagos — Renaissance Africa Energy Company Limited has partnered 13 banks to provide a subscribed financing portfolio of $4.1 billion and N435 billion to indigenous oil and gas contractors, as the company pursues an ambitious production growth programme.

The Renaissance Vendors Financing Scheme (RVFS) was unveiled at a Memorandum of Understanding (MoU) signing ceremony in Lagos on Wednesday, October 14, 2026. It offers credit support in both naira and US dollars to local contractors executing projects for the company.

The 13 participating 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).

Also Read : Explosion rocks Rivers community, injures 20, razes 50 houses

The scheme targets a production drive that Renaissance says will lift output to 500,000 barrels per day by 2030, alongside gas production of more than 2.2 billion standard cubic feet per day for energy supply and an additional one billion standard cubic feet per day for industrialisation. The company has framed those targets as part of Nigeria’s aspiration to produce three million barrels of oil per day.

Attah: programme has run since 2010
Tony Attah, Managing Director and Chief Executive Officer of Renaissance Africa Energy Company, said the programme’s long history demonstrated the potential to scale contractor financing in support of the company’s growth 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 said.
He recalled that the initiative began in the Shell era with a fund of about N1 billion, with a later ambition to grow 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 N435 billion funds available for the vendors to be able to support us in our growth agenda,” he said.
Attah said the scheme had recorded no defaults under previous administrations. “So very good credit to the vendors themselves. Integrity is a core value to us at Renaissance,” he added.

According to him, interest rates offered to contractors were competitive. “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 said.

On production, Attah said Renaissance increased output by 100,000 barrels per day within 100 days of taking over the assets in March 2025.

CFO: success will be judged on delivery, not commitments
Olusegun Banwo, Executive Vice President, Finance, Strategy and Commercial, and Chief Financial Officer of Renaissance, said the scheme’s success would be measured by its actual impact on contractors and project delivery rather than financing commitments alone.

Key indicators, he said, would include the volume of financing disbursed, how quickly qualified vendors could access funds, and the extent to which the facility improved mobilisation, project execution, Nigerian content and production.

PETAN: scheme could cut borrowing costs to 8-9%

Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, said the scheme could help address one of the biggest constraints facing indigenous oil and gas service companies: access to affordable credit.

Under the scheme, contractors with confirmed projects could access financing through the participating banks without conventional collateral, subject to contract verification by Renaissance, Ogunsanya said.

He noted that borrowing rates from Nigerian banks could range between 10 and 12 per cent, and expressed hope the facility could bring them down to between eight and nine per cent.

According to Ogunsanya, the facility addresses an equipment gap that could constrain production growth across the industry. He said local service companies would need substantial investment in equipment and hardware over the next four to five years to support higher output.

He stated that equipment acquired through the scheme could also serve other operators when not required for Renaissance’s projects, extending the benefits beyond the company and strengthening Nigeria’s oilfield services sector.

Facts at a glance