Sterling Bank Champions Collective Action ...To Accelerate Nigeria’s Renewable Energy Transition

Sterling Bank Limited has brought together stakeholders in the renewable energy industry to explore ways to accelerate action in the sector. 

The premier colloquium, held in Lagos on Monday, aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one trillion-dollar economy.

Managing Director and CEO of Sterling Bank Limited, Mr. Abubakar Suleiman, gave the charge in his address at the colloquium organized with the theme: Beyond The Grid; Unlocking New Frontiers in Renewable Energy.

The   CEO,   who   was   represented   by   Dele   Faseemo,   Group   Executive, Corporate & Investment Banking, explained that Sterling Bank will be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing. 

He noted that by focusing on these areas, the Bank can do more  to   drive   progress  and expand access to energy, which he described   as   essential   for   supporting   economic   growth   and   overall development.

In a keynote address titled Scaling Electrification in Nigeria, The REA Impact, Managing Director and CEO of The Rural Electrification Agency (REA), Dr. Abba Aliyu, spoke on the vision, mission and mandate of the agency. 

He noted that Nigeria requires about $26 billion to address its energy deficit. He said the energy transition in Nigeria is a strategic shift towards achieving universal, reliable and sustainable energy access by integrating the grid, mini-grid and off grid technologies while aligning with national development and climate goals.

The CEO who was represented by Mr. Abba Hayatudden, Senior Advisor to the   MD,   said  “REA  is  strategically  expanding  and  optimizing  channels  to accelerate the adoption and sustainable growth of renewable energy acrossthe   country   in   the   areas   of   value   chain   development,   regulation enhancement,   funding   windows,   alternative   resources   and   technical standardization.”

Minister   of   Power,   Adebayo   Adelabu,   commended   Sterling   Bank   for convening the conversation on renewable energy. 

He stated that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.

The minister who was represented by Engineer Samuel Ayangeaor said, “The Federal   Ministry   of   Power   has   continued   to   expand   electricity   access   to underserved communities in a bid to drive economic growth, foster industrial activity and create jobs across the nation.”

In his goodwill message, Mr. Biodun Ogunleye, Lagos State Commissioner for Energy   and   Mineral   Resources,   noted   that   the   current   administration   is implementing the most ambitious energy transformation ever undertaken. 

He highlighted the state's efforts in renewable energy and sustainability, including the two-gigawatt Lagos grid scale solar project.

The CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, emphasized the need for collective action. She urged participants not to allow the day’s deliberations   to   end   as   mere   conversations   or   points   documented   in   a communiqué.

Instead, she encouraged everyone to leverage the strength of their   networks,   act   with   intention,   and   remain   focused   on   delivering meaningful impact. 

The colloquium featured two panel sessions on financing and scaling green energy solutions in Africa, among others.

About Sterling BankSterling Bank Limited is a full-service national commercial bank in Nigeria and a member of  Sterling Financial Holdings Group. 

With a heritage of more than 60  years,  the  bank  has  evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of  retail, commercial, and corporate banking services.

Sterling  is a  forward-thinking  financial  institution  committed to   transforming lives  through  innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its  HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and  Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to  lead   by   example,   showing   how   purpose-driven   leadership   can   deliver   transformative  outcomes for individuals, businesses, and society at at large.

Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.