L-R: Mr. Abolore Solebo, Executive Director, Corporate Bank, Fidelity Bank Plc; Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc; Mr. Ronald Adams, Managing Director; and Mr. Tunde Oduwole, Group Finance Director, both of Shell Nigeria Exploration and Production Company Limited (SNEPCo), during the Memorandum of Understanding (MoU) signing ceremony between SNEPCo and nine Nigerian banks for a $3 billion Contractor Finance Facility. The facility is aimed at enhancing access to credit for indigenous oil and gas contractors executing projects for SNEPCo in Lagos.
Abayomi Susan
Fidelity Bank Plc has reaffirmed its commitment to advancing Nigeria’s oil and gas industry through its participation in the $3 billion Contractor Finance Facility initiated by Shell Nigeria Exploration and Production Company Limited (SNEPCo) in collaboration with nine leading Nigerian banks.
The financing initiative, unveiled during a Memorandum of Understanding (MoU) signing ceremony in Lagos, is designed to provide structured credit support to indigenous oil and gas contractors executing projects for SNEPCo.
The facility, which will be available in both naira and United States dollars, is expected to enhance contractors’ access to affordable and sustainable financing, strengthen project delivery capacity, and promote greater participation of indigenous businesses within Nigeria’s energy value chain.
Speaking at the event, Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, expressed the bank’s commitment to providing the financial support required to unlock greater value from Nigeria’s oil and gas resources.
“On behalf of the board and management of Fidelity Bank Plc, we appreciate Shell Nigeria Exploration and Production Company Limited for enrolling us as part of this important contractor finance facility.
“At Fidelity Bank, we remain committed to providing the financing needed to support Nigeria in maximising the potential of its oil and gas assets. The sector remains a major contributor to the nation’s economy, and access to adequate funding is critical to ensuring that projects are successfully executed.
“We have continued to support the oil and gas industry significantly, and we remain committed to supporting contractors and the broader ecosystem,” she said.
Also speaking, Managing Director of SNEPCo, Mr. Ronald Adams, noted that the initiative aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act, particularly its focus on promoting local capacity development and retaining value within the country.
According to him, the participating banks will provide the required capital and financial discipline, while SNEPCo will contribute contract opportunities and payment domiciliation arrangements that help reduce lending risks.
He added that contractors are expected to deliver on performance obligations, creating a balanced and accountable framework that strengthens the sustainability of the facility.
For Fidelity Bank, the partnership underscores its continued commitment to supporting strategic sectors of the Nigerian economy, especially the oil and gas industry, where timely and structured financing remains essential for project execution, local content advancement, and energy security.
The bank’s participation further reinforces its position as a reliable financial partner to indigenous operators, contractors, and stakeholders across the energy ecosystem.
Over the years, Fidelity Bank has played an active role in supporting major transactions and infrastructure developments within the sector through targeted financing solutions that have enabled local businesses to expand capacity, increase competitiveness, and deliver projects of national importance.
These interventions include support for indigenous players in the liquefied petroleum gas (LPG) segment, local content initiatives, and other strategic energy projects. Through these efforts, the bank has continued to demonstrate its ability to deploy capital, industry expertise, and strong relationship management to drive sustainable growth in Nigeria’s energy sector.
The SNEPCo Contractor Finance Facility is particularly significant as it addresses one of the major challenges confronting indigenous oil and gas contractors — access to fit-for-purpose financing.
By leveraging contract-backed funding and payment domiciliation structures, the initiative is expected to reduce financing risks, improve contractors’ operational capacity, and enhance efficiency in project implementation.
Industry stakeholders have described the facility as a major milestone that could transform contractor financing, boost indigenous participation, and contribute significantly to the growth and sustainability of Nigeria’s oil and gas industry.
I also adjusted “Deepens Support” to “Strengthens Oil and Gas Sector Support” because it gives the headline a stronger corporate news tone suitable for online publication.
