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Sterling Bank Promotes Renewable Energy-Powered Agriculture with Fresh AATIF Fund

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Lagos, Nigeria: Nigeria’s leading financial institution, Sterling Bank, in conjunction with the Africa Agriculture and Trade Investment Fund (AATIF), is set to promote environment-friendly agriculture businesses by lending the sum of $15 million to sustainable and renewable energypowered Agric enterprises.

The $15 million medium-term facility from the Africa Agriculture and Trade Investment Fund
extends our partnership with Sterling Bank, which started in 2019 with an initial vision to
support the growth of the bank’s agricultural activities. Since then, Sterling Bank and AATIF
have worked together on numerous projects, with the bank making commendable
contributions to the Nigerian agricultural sector. The extension of this partnership marks a new chapter in this fruitful relationship.

In a statement issued by the lender, Group Head for Agriculture and Solid Minerals Finance, Dr Olushola Obikanye, said the funding will further deepen Sterling’s agricultural investments in the agribusiness industry, promote sustainable practices, and encourage farmers to explore environment-friendly systems.

Also speaking on the funding, Sterling Bank’s Group Head for Energy, Dele Faseemo, said the fund will seek to increase Sterling’s funding for renewable energy installations in the agricultural sector and will positively impact lending in the sector as well as the Nigerian economy.

Ms Doris Koehn, chair of the AATIF Board of Directors, said of the deal, “When we first invested in Sterling Bank, we were keen to help actualize its impressive ambitions in growing its agricultural portfolio in Nigeria. Four and a half years later, we are proud to renew our
partnership with the Bank and are focused on further enabling its efforts towards serving local smallholder farmers.”

The Bank has become renowned as one of the key partners and lenders to the agricultural
sector, with over N100 billion, or approximately 13 percent of its lending portfolio, currently
financing agricultural businesses across Nigeria.

This, amongst other initiatives such as the Agriculture Summit Africa; the continent’s largest private sector-driven conference on the industry, and the Nigerian Farmers’ Radio; an educative radio programme promoting good agricultural practices aired in all geo-political zones of Nigeria, has endeared the bank to primary producers, aggregators, commodity processors, and exporters.
These initiatives recently saw Sterling awarded the best-participating bank by the Agric Credit Guarantee Scheme Fund.

Sterling has also innovated in the renewable energy space with the launch of Imperium, its
solution to power homes and businesses, and is currently in the final stages of deploying
Nigeria’s largest solar-powered solution for commercial property with the ongoing
transformation of its Lagos Marina headquarters.

The 18-storey building has been fitted with over 3,000 photovoltaic panels and will generate power from renewable sources
Agriculture and Renewable Energy form two of the five core pillars of Sterling’s now-famous
HEART strategy. With the remaining sectors being Health, Education and Transportation.

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Sterling Bank Accelerates Nigeria’s EV Race With Qore

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From left: Group Head, Channel Operator, Sterling Head Office, Abubakar Soyemi; Group Head, Energy, Dele Faseemo; Permanent Secretary, Ministry of Transportation, Lagos, Engr. Abdulhafis Toriola; Permanent Secretary, Ministry of Energy and Mineral Resources, Engr. Shola Shasore; Permanent Secretary, Ministry of Environment, Omobolaji Gaji; and the Group Head, Transport and Renewable Energy, Sterling Bank Plc, Olabanjo Alimi; during the launch of Nigeria first Electric Vehicle Charging Station in Lagos by Sterling Bank Plc

Lagos, Nigeria: Nigeria’s leading commercial bank and one of Africa’s fastest-growing companies, Sterling Bank, has changed the course of Nigeria’s energy and transportation sectors with the launch of Qore; its suite of renewable energy-powered transportation solutions. Qore will offer the purchase and financing of electric vehicles (EVs), EV charging stations, conversion of fossil-fuel-powered engines to EV engines, battery swapping services for modular EVs, and more.

Speaking at the launch of Nigeria’s first publicly available EV charging station in Lagos, CEO of Sterling Bank, Abubakar Suleiman, said that the launch of Qore is a significant milestone in the bank’s journey towards powering Nigeria’s transportation sector with renewable energy.

According to Suleiman, “Qore will revolutionise the very idea of how we power movement by providing clean, sustainable and cost-effective options for individuals and businesses, while impacting positively on the sector’s environmental footprint.“

Also speaking at the launch, Group Head for Renewable Energy and Transportation at Sterling, Olabanjo Alimi, further explained that Qore focuses on improving mobility services in Nigeria by providing affordable and cleaner transportation alternatives to petrol and diesel powered vehicles. He described Qore as a “mobility project” that will offer a range of products, including the manufacture and sale of EVs, financing for the purchase and distribution of EVs, and mobility-as-a-service options to cater to first- and last-mile transportation.

Alimi said, “Qore will deliver innovative solutions through partnerships that provide sustainable energy options for vehicles through stations such as this. This will accelerate the adoption of clean mobility solutions that allow interested customers to buy EVs directly, or even convert their existing petrol- or diesel-powered vehicles to run on electricity.”

“Along with the readily available technology to convert petrol or diesel powered vehicles, Qore will drive EV adoption in the Nigerian market by providing charging infrastructure and battery swapping services to quicken the turnaround time of restoring power to EVs.”

He continued by saying that Qore had pioneered, along with the first publicly available charging station in the country, a proprietary payment solution that will allow for direct interaction with the battery management system of vehicles that charge up at the station.

The Group Head concluded by highlighting that this is a watershed moment for the Nigerian EV market, emphasizing Qore’s openness to partnerships and collaborations to increase the creation of EV infrastructure and adoption in the country.

The adoption of Qore’s suite of solutions is already increasing with the acquisition of 100 electric tricycles to power transportation in the Kano metropolis, as well as the conversion of diesel-engine ferries to electric power to improve the commute of individuals and businesses on Lagos’ waterways. The newly launched charging station adds another layer to the robust offerings.

Sterling has set itself apart as the first corporate organisation on the African continent to fully power up its offices with a renewable energy source by installing over 3000 Building Integrated Photovoltaic (BIPV) panels, generating 1 megawatt (1 MW) of electricity. This move will make the structure one of the largest on the continent, primarily powered by renewable energy, demonstrating the bank’s commitment to the growth and development of renewable energy in Nigeria.

Furthermore, the bank recently launched Imperium; an alternative energy solution, to power Nigerian homes and businesses through solar and renewable energy services tailored specifically for Nigeria’s peculiar energy needs.

Renowned for its now famous HEART of Sterling strategy; which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the Nigerian economy, its irreverent brand voice and enviable talent management practices, the bank recently completed a major milestone towards the completion of its transformation into a financial holdings company with the relisting of its shares on the floor of the Nigerian Exchange (NGX).

The bank has maintained and increased momentum in 2023 with her citation as Africa’s Most Valuable Commercial Bank Brand for 2023 by the African Brand Magazine , in a poll conducted by GeoPoll and Kantar; two of the world’s leading brand research firms, a top three employer in Nigeria by LinkedIn in the social network’s annual Top 25 List, and most recently, one of the top 100 fastest growing companies in Africa by the prestigious Financial Times.

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REEEA-A set to revolutionize Renewable Energy Sector in Nigeria as they reel out transition plan

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The closing ceremony of the maiden National Conference of the Renewable Energy and Energy Efficiency Associations (REEEA)-Alliance which took place at the Ladi Kwali Hall, Sheraton Hotel, Abuja on Wednesday 2nd March  2022 with the theme: “Optimizing opportunities in the Energy Transition Value Chain”, went fruitful as lots of resolutions in the renewable sector was attained.

The Conference which had six (6) Plenary Sessions and six breakout sessions format with Panelists drawn among delegates, amongst topical issues discussed at the plenary sessions include, Mobilizing Investments for Clean Energy; The Green Hydrogen Initiative; Energy Transition: Policy Implementation for renewable energy and energy efficiency resources; Energy Transition: Organizational Perspective; Investment Opportunities in the Energy Transition Value Chain; The Role of Youth and Gender in the Energy Transition; Emergence of Indigenous PV manufacturing –Market Dynamics and Mechanisms, The Role of Research for Technological Development of the Renewable Energy Sector; Market Activation for Affordable Renewable Energy and Energy Efficiency Solutions-Prospects and Opportunities,    amongst others.   


At the end of the two day Conference, delegates resolved that: To support Nigeria Energy Transition Plan as presented by President Muhammadu Buhari during November 2021 Climate Change Conference (COP 26) in Glasgow UK; That Nigeria can attain the Net Zero Carbon Emission Pathway by 2060 through more use of gas and solar energy power supply, enhanced penetration of Liquified Petroleum Gas for cooking in the households and services through laying a solid foundation for Electric Vehicles (EVs) and Compressed Natural Gas conversion in the transport sector; That most of the fossil fuels(petroleum products)should go to industries as raw materials; We commend the passage into law The Nigeria Climate Change Framework Bill (2021).

According to the Chairman Steering Committee, Dr. Imammudeen Talba while outlining resolutions reached at the event, he said,
“This piece of legislation will serve as a catalyst in our match towards zero-emission pathways; That renewable energy and energy-efficient sources remain a key input in Nigeria’s energy transition; That I should key into the emerging green hydrogen sources and its attendant value chain opportunities; That the youth and women should play a prominent role in the energy transition movement. This should be harnessed through funding, capacity development, and awareness creation amongst them; That the 2015 REEEP should be reviewed and updated to be in line with the present reality; We commend the Federal Government for the zeal shown at ensuring that renewable and energy-efficient sources of energy are mainstreamed as investment with private sector participation; That there should clear and result-oriented pathways in meeting up with the Nigeria’s revised Nationally Determined Contributions (NDCs).



“This document is key to the realization of Nigeria’s zero emission pathways; There should clear cut roles and responsibilities amongst all energy regulatory and implementing agencies in Nigeria’s energy transition drive in particular, and zero emission pathways in general. There should be much focus from the government on the creation of synergies amongst MDAs in the energy sector; Request the Federal Government to constitute a team to study and align all the policy laws and regulations relating to climate change and renewable energy. That all the MDAs should not relent in their core mandate of driving the energy transition; That science, research, and innovation remain the key to the development of knowledge incubation in the energy transition space;  That the emergence of indigenous PV manufacturing plants in Nigeria will contribute towards boosting the renewable and energy efficiency markets, job creation, and sustainable development of the country;   That the market activation of affordable renewable energy and energy-efficient solutions will enhance access to these solutions amongst the populace, rural and urban; We commend the partners, NESP, GIZ, BMZ and Associations in the Alliance and the funders for a successful conduct of this event; That the Delegates resolve to support the government in her drive towards energy transition, while advising the government to provide the enabling environment for private sector participation.

” While the civil society and the media should be up and doing in disseminating clear information and strong oversight in the implementation of Nigeria’s energy transition plan; Need to have adequate local funding for Renewable Energy in Nigeria.”

The transition plan which was signed by Prof Abubakir Sani Sambo, Chairman, BOT, REEEA-A, Dr. Immamudeen Talba, Chairman Steering Committee, REEEA-A Prof Magnus C. Onuoha, Chairman Planning Committee, 2022 National Conference got the attention of the government as the federal government is open for collaboration in other to attain the zero emission in the nearest future.

The two-day event attracted dignitaries such as Nigeria’s Minister of Power, Engr Abubakar Aliyu, Deputy Ambassador of Germany Martin Huth, Duke Benjamin, Head of Programme, Nigeria Energy Support Programme(NESP),  Mr. Christian Moenke Project Manager, BSW Solar. Also in attendance are Dr. Emma Fitzgerald, Independent NED SEPLAT Energy, and Expert Adviser to the World Economic Forum (WEF), MS Gina Elisa Lagunes Diaz, Head of the German-Nigerian Hydrogen Office, amongst others. Also in attendance are heads of the critical Ministries, Department, Agencies(MDAs) such as Mr. Ahmad Salihijo Ahmad, MD Rural Electrification Agency(REA); Dr. Nnaemeka Ewelukwa, MD/CEO Nigeria Bulk Electricity Trading (NBET) and Engr. Tukur Aliyu MD Nigerian Electricity Management Services Agency (NEMSA), The Honourable Minister of State Power Hon. Goddy Jedy-Agba and DG, Energy Commission of Nigeria(ECN),  Prof Eli Jidere Bala were ably represented, Private sector practitioners, academics, the civil society organization and media, diplomatic corps, development partners, among other numerous participants.

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REEEA-A Conference: FG is focused on Renewable Energy, says Engr. Abubakar Aliyu

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REEEA-A Conference

The Honourable Minister of Power Engr. Abubakar Aliyu who was the Special Guest of Honour at the Renewable Energy and Energy Efficiency Associations Alliance maiden national conference with the theme: “Optimising opportunities in Energy transition value chain”, held at the Ladi Kwali hall, Sheraton hotel in Abuja on Tuesday while delivering a keynote speech and declaring the conference open stated that the federal government has seen reasons why it should focus on renewable energy stating that it is a source of energy that is clean and most reliable more that Nigeria is blessed with it’s sources and raw materials which in turn makes it cheaper.

Engr. Abubakar further disclosed that in few years from now, at least 60% of cars in Nigeria wouldn’t be fuel consuming cars, they would be either electric cars or solar powered cars.


Earlier, Prof Abubakar S Sambo, OON, NPOM Faculty of Engineering & Environmental Design Usmanu Danfodiyo University, Sokoto who is the Chairman Of Board Of Trustees Of The Renewable Energy And Energy Efficiency Associations Alliance (REEEA-A), said, Nigeria is very well endowed with renewable energy resources and opportunities for tapping into them for the benefit of Nigerians are great.

Speaking further, “Assessing the three RE resources of solar, wind and hydro it can be shown that: For solar energy, using the commonly available 300 Wp solar panels with about 15% efficiency over 1% of the land area of Nigeria with an average 6 hours of sunshine and an average irradiation of 500 Watts per square metre can produce the following power output:551,000 MW at 100% Capacity Factor 275,500 MW at 50% Capacity Factor 37,750 MW at 25% Capacity Factor Likewise, wind turbine generators of the Fuhrlander design (250kWp) used over 1% of Nigeria’s land with an average wind speed of 6 metres per second can produce the following power outputs:218,365 MW at 100% Capacity Factor90,985.5 MW at 50% Capacity Factor30,328.5 MW at 25% Capacity FactorFor hydropower, it is possible that a total of about 20,000 MW can be obtained from both small and large hydropower plants in various parts of the country.


“Taking the electricity supply situation of the country, the current efforts of the Nigerian Electricity Supply Industry (NESI) are quite noteworthy and commendable. Power supply of about 5,000 MW for the current population of about 213 million comes to an average annual electricity consumption per capita of 190 kWh. The figure for sub-Saharan Africa is about 500 kWh while for the world it is about 3,000 kWh. For Nigeria to be at the sub-Saharan Africa’s consumption the power supply should be at about 12,000 MW and for it to be at the world average annual electricity consumption per capita figure the nation’s power supply should be about 73,000 MW.






“Focus will be made on energy transition and the opportunities it has for humanity not only in the context of global climate change considerations but also on the supply of modern energy services for peace and prosperity of Nigerians.

Giving a brief history of the REEEA-A, he said,
” the Association, which came into being in February 2021 and which has the overall aim of promoting quality service and marketing Renewable Energy and Energy efficiency in Nigeria, currently has the following seven members:Association of Energy Engineers of Nigeria (AEEN)Crenstar for Renewable Energy Initiative (CREN)Renewable Energy Association of Nigeria (REAN)Renewable and Alternative Energy Society of Nigeria (RAESON)Sustainable Energy Practitioners Association of Nigeria (SEPAN)Solar Energy Society of Nigeria (SESN) andWomen in Renewable Energy Association (WREA). The Nigerian Energy Transition Plan, presented at the November 2021 Glasgow Climate Change Conference, stated that Nigeria will attain Net Zero carbon emission by 2060 through more use of gas and solar energy for power supply, enhanced penetration of Liquified Petroleum Gas for cooking in the household and services sectors and through laying a solid foundation for Electric Vehicles (EVs) and Compressed Natural Gas conversion in the transport sector”.



Similarly, the Steering Committee chairman of the Renewable Energy and Energy Efficiency Associations Alliance, REEEA-A, Dr. Imammudeen Talba while giving a welcome address disclosed that the Alliance is a product of bilateral arrangement between the identified Renewable Energy and Energy Efficiency Associations and the Nigerian Energy Support Programme (NESP II), a technical assistance Programme co-funded by the European Union and the German Government; implemented by the GIZ in collaboration with the Federal Ministry of Power.

In his words, “the parties realized that the vast landscape of RE/EE Associations and organizations provides a lot of opportunities for collaboration to push forward effectively the national agenda in the RE/EE sector. Besides NESP, the REEEA – Alliance is also supported through the ‘Chamber and Associations Partnership Program’ which is financed by the Federal German Ministry of Economic Cooperation and Development (BMZ).


“Under this partnership project the German Solar Industry Association, BSW-Solar, based in Berlin supports the newly founded REEEA-Alliance to develop into a strong, independent, and sustainable organization. The Alliance came into being on the 25th September, 2020, as the umbrella body for the private sector organizations in RE/EE, with mission to spearhead the RE/EE sector, in research, policy and regulatory support and analysis, capacity building and interest representation both within and outside Nigeria”.



He continued, “the current members of the Alliance are : the Association of Energy Engineers of Nigeria (AEE), CRENSTAR Renewable Energy Initiatives of Nigeria (CREN) the Renewable Energy Association of Nigeria (REAN), Renewable and Alternative Energy Society of Nigeria (RAESON), Sustainable Energy Practitioners Associations of Nigeria (SEPAN), Solar Energy Society of Nigeria (SESN) and Women in Renewable Energy Association ( WIRE – A). The priority areas for intervention of the Alliance inter alia include:ENERGY – to deliberately promote the generation, dissemination and use of renewable energy sources in order to increase access to energy, reduce GHG emission and reduce energy poverty ;CLIMATE CHANGE ACTION – to support Energy Transition in Nigeria, improve on the statistical data base in the fields of RE/EE in order to contribute to the national climate gas mitigation strategies;Inclusion – to involve youth and women in decision making processes across the sector and ensure their empowerment with concrete measures especially for women in rural areas; and To address the age-long data gaps by building consensus and strategies with national and international agencies and other relevant stakeholders to create credible, reliable and facts proven data repository in RE/EE sector in Nigeria.


“Energy Transition is a process of moving from fossil fuel (less ideal) to a cleaner sources of energy (the ideal) for the purpose of environmental sustainability. Renewable Energy plays a key role in global climate change goal of 1,5*C scenario, which was aim for Carbon neutrality by 2050 (Nigeria 2060), with its share of the world’s total primary energy supply growing from 14% in 2018 to 74% by 2050.


“Naturally, Energy Efficiency also plays an important role in stabilising primary supply during the Transition. RE/EE need to be properly and transparently captured in the NDC; and targets set need to be aligned with national energy plans . As much as possible a mismatch should be avoided in national laws, policies and official strategies and plans . The Theme of this event is apt and timely because there is no better time to address Energy Transition in Nigeria than now, taking cognisance of the transformation taking place in the sector, especially the coming into being of the Climate Change Act, the Energy Transition Policy, and other Bills before the legislature; Renewable Energy and Energy Efficiency Bill, the Energy Commissiom Amendment Bill and the Electric Power Sector Reform Amendment Bill”.


Individuals at the event and Organizations represented are: the Chairman Senate Committee on Power, H.E. Distinguished Senator Gabriel Suswan, the Chairman House of Representatives Committee on Power Hon Patrick Ikhariale; Hon. Minister of State Power Hon Goddy Jedy-Agba; Hon. Minister of State Environment Chief Mrs Sharon Ikeazor, representative of E. U Inga Stefanowicz, H.E. Mr. Martins Huth the Deputy Ambassador of Germany ; Chairman (NERC) Dr Sanusi Garba; Mr. Christian Monke Programme Manager ( BSW), NESP, BSW, BoI, Ministry of Power, NERC, REA. SON, NEMSA and others.

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