L – R: Mr. Abolore Solebo, Executive Director, Corporate Bank; Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer (both of Fidelity Bank Plc); Mr. Ronald Adams, Managing Director; Mr. Tunde Oduwole, Group Finance Director (both of Shell Nigeria Exploration and Production Company Limited, SNEPCo); at the Memorandum of Understanding signing ceremony between SNEPCo and Nigerian banks for a $3bn contract finance facility aimed at improving access to credit for indigenous oil and gas contractors executing projects for the company in Lagos recently.
Fidelity Bank Plc has reinforced its commitment to Nigeria’s oil and gas sector through its participation in the $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited, SNEPCo, in partnership with nine leading banks.
The facility, unveiled in Lagos, is designed to provide credit support to indigenous oil and gas contractors executing projects for SNEPCo. The financing arrangement will be available in both naira and United States dollars, creating a structured pathway for local contractors to access funding, improve project delivery and participate more effectively in Nigeria’s energy value chain.
Speaking on the development, Dr. Nneka Onyeali Ikpe, Managing Director and Chief Executive Officer, Fidelity Bank Plc, said the bank remained committed to providing finance that enables Nigeria to unlock greater value from its oil and gas assets.
“On behalf of the board and management of Fidelity Bank Plc, we want to thank Shell Nigeria Exploration and Production Company Limited for enrolling us for this contractor finance facility. At Fidelity Bank, we are committed to ensuring that we provide financing that is needed to help Nigeria maximise its oil and gas assets.
“As we all know, the oil and gas industry is a major contributor to the GDP of Nigeria and it is very critical that we have the financing required to get projects up and running.
“We have supported the oil industry significantly and we commit to continue to support contractors and the entire ecosystem”, commented Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc.
On his part, the Managing Director of SNEPCo, Ronald Adams, said the initiative reflects the objectives of the Nigerian Oil and Gas Industry Content Development Act, which seeks to promote in country value retention. According to him, the participating banks provide capital and discipline, while SNEPCo brings contracts and payment domiciliation that help to de risk lending. The contractors, he added, are expected to provide performance, creating a mutually accountable structure that gives the facility its strength.
For Fidelity Bank, the partnership aligns with its long-standing focus on supporting strategic sectors of the economy, particularly oil and gas, where access to timely and structured finance remains critical to project execution, local content growth and national energy security.
The bank’s participation in the facility further strengthens its reputation as a trusted financing partner to indigenous operators and contractors across the energy ecosystem. Over the years, Fidelity Bank has supported major transactions and infrastructure developments in the sector, including financing interventions that have helped local players expand capacity, deepen participation and deliver assets of national importance.
These interventions include the bank’s support for indigenous companies in the liquefied petroleum gas segment, local content development initiatives and other big-ticket transactions within the energy industry. Through these efforts, Fidelity Bank has continued to demonstrate its capacity to deploy capital, sector knowledge and relationship management in support of projects that advance Nigeria’s oil and gas aspirations.
The SNEPCo Contractor Finance Facility is particularly significant because it addresses one of the most persistent challenges facing indigenous oil and gas contractors, which is access to fit for purpose financing. By creating a financing structure supported by contracts and payment domiciliation, the arrangement is expected to reduce lending risks, strengthen contractor capacity and improve efficiency in contract execution.
Industry stakeholders have described the facility as a major boost for indigenous contractors, with the potential to unlock contractor financing challenges and enhance efficiency in project delivery.
