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, Shell Nigeria Exploration and Production Company Limited (SNEPCo); and Mr. Tunde Oduwole, Group Finance Director, SNEPCo, during the Memorandum of Understanding (MoU) signing ceremony for the $3 billion Contractor Finance Facility between SNEPCo and nine Nigerian banks in Lagos. The facility is aimed at improving access to finance for indigenous oil and gas contractors executing projects for the company.
By Peace Udugba
LAGOS – Fidelity Bank Plc has reaffirmed its commitment to Nigeria’s oil and gas industry by joining the $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited (SNEPCo) in collaboration with nine leading Nigerian banks.
The financing initiative is designed to improve access to credit for indigenous oil and gas contractors executing projects for SNEPCo. Available in both naira and United States dollars, the facility is expected to strengthen local contractors’ capacity, enhance project delivery, and deepen indigenous participation in Nigeria’s energy sector.
Speaking at the Memorandum of Understanding (MoU) signing ceremony in Lagos, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the bank remains committed to financing projects that unlock greater value from Nigeria’s oil and gas resources.
“On behalf of the Board and Management of Fidelity Bank Plc, we thank Shell Nigeria Exploration and Production Company Limited for partnering with us on this contractor finance facility. At Fidelity Bank, we are committed to providing the financing required to help Nigeria maximise the value of its oil and gas assets.
“The oil and gas industry remains a major contributor to Nigeria’s Gross Domestic Product (GDP), making it critical to provide the funding needed to deliver projects successfully. We have consistently supported the industry and will continue to provide financing for contractors and the wider energy ecosystem,” she said.
Managing Director of SNEPCo, Ronald Adams, described the initiative as a practical demonstration of the objectives of the Nigerian Oil and Gas Industry Content Development Act, which promotes in-country value retention.
According to him, the participating banks will provide capital and financial discipline, while SNEPCo will support the arrangement through contracts and payment domiciliation to reduce lending risks. Contractors, he added, are expected to deliver strong performance, creating a transparent and accountable financing framework.
Fidelity Bank said its participation aligns with its long-standing strategy of supporting key sectors of the Nigerian economy, particularly the oil and gas industry, where access to timely and structured financing remains essential for project execution, local content development, and national energy security.
The bank noted that it has over the years financed several major energy transactions, supported indigenous companies in the liquefied petroleum gas (LPG) segment, and backed local content initiatives and other strategic projects aimed at expanding indigenous participation in the sector.
The SNEPCo Contractor Finance Facility is expected to address one of the biggest challenges facing indigenous oil and gas contractors—limited access to suitable financing. By leveraging contracts and payment domiciliation as security, the facility is projected to reduce lending risks, improve contractor capacity, and accelerate project delivery.
Industry stakeholders have welcomed the initiative, describing it as a significant step toward unlocking financing for indigenous contractors and strengthening Nigeria’s oil and gas value chain.
