Fidelity Bank Joins $3bn SNEPCo Contractor Finance Scheme to Boost Nigeria’s Oil, Gas Sector

Fidelity Bank Joins $3bn SNEPCo Contractor Finance Scheme to Boost Nigeria’s Oil, Gas Sector

 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 reaffirmed its commitment to Nigeria’s oil and gas industry by joining the $3 billion SNEPCo Contractor Finance Facility, a financing initiative designed to improve access to credit for indigenous contractors executing projects in the country's energy sector.

Fidelity Bank Plc has reinforced its support for Nigeria's oil and gas industry through its participation in the $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited (SNEPCo) in collaboration with nine leading financial institutions.

The financing facility, unveiled in Lagos, is aimed at providing credit support to indigenous oil and gas contractors handling projects for SNEPCo. Available in both naira and United States dollars, the initiative is expected to improve access to funding, enhance project execution and strengthen local participation across Nigeria's energy value chain.

Speaking at the unveiling, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, described the partnership as a strategic step towards unlocking greater value from Nigeria's oil and gas resources.

She expressed appreciation to SNEPCo for including Fidelity Bank in the initiative, noting that the bank remains committed to providing the financing required to support critical projects in the sector.

"The oil and gas industry is a major contributor to Nigeria's Gross Domestic Product (GDP), and it is important that the necessary financing is available to get projects up and running. We have consistently supported the industry and will continue to provide financial backing for contractors and the wider ecosystem," she said.

Also speaking, the Managing Director of SNEPCo, Ronald Adams, said the facility aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act by promoting in-country value retention.

According to Adams, the participating banks provide capital and financial discipline, while SNEPCo contributes contracts and payment domiciliation to reduce lending risks. He added that contractors are expected to deliver quality performance, creating a financing framework built on mutual accountability.

Fidelity Bank said its participation reflects its long-standing commitment to supporting strategic sectors of the Nigerian economy, particularly the oil and gas industry, where access to timely and structured financing remains critical for project delivery, local content development and national energy security.

The bank noted that it has, over the years, financed major transactions and infrastructure projects across the energy sector, supporting indigenous companies in the liquefied petroleum gas (LPG) segment, local content initiatives and other large-scale investments aimed at expanding capacity and strengthening domestic participation.

Industry stakeholders believe the SNEPCo Contractor Finance Facility will help address one of the biggest challenges facing indigenous oil and gas contractors—access to affordable and fit-for-purpose financing. By leveraging contracts and payment domiciliation to reduce lending risks, the initiative is expected to improve contractors' capacity, enhance project delivery and accelerate the growth of Nigeria's oil and gas industry.