Fidelity Bank Joins $3bn SNEPCo Finance Scheme to Boost Indigenous Oil, Gas Contractors

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 strong commitment to Nigeria’s oil and gas industry by joining a landmark $3 billion Contractor Finance Facility introduced 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 affordable credit for indigenous oil and gas contractors executing projects for SNEPCo, thereby strengthening local content development, enhancing project execution and accelerating growth across Nigeria’s energy sector.
Structured to provide funding in both naira and United States dollars, the facility offers contractors easier access to working capital, enabling them to execute critical projects efficiently while increasing indigenous participation in the nation’s oil and gas value chain.
Speaking during the Memorandum of Understanding (MoU) signing ceremony in Lagos, Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, described the initiative as a strategic intervention that will unlock greater value from Nigeria’s abundant energy resources.
She expressed appreciation to SNEPCo for selecting Fidelity Bank as one of the participating financial institutions, emphasizing the bank’s unwavering commitment to financing projects that drive economic growth.
“On behalf of the Board and Management of Fidelity Bank Plc, we thank Shell Nigeria Exploration and Production Company Limited for enrolling us in this contractor finance facility. At Fidelity Bank, we remain committed to providing the financing required to help Nigeria maximise the value of its oil and gas assets.
“The oil and gas industry remains one of the biggest contributors to Nigeria’s Gross Domestic Product, making it essential that adequate financing is available to ensure projects are delivered successfully.
“We have consistently supported the oil and gas industry and remain committed to supporting contractors and the entire energy ecosystem,” she said.
Also speaking, Ronald Adams, Managing Director of SNEPCo, noted that the financing arrangement aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act by promoting greater in-country value retention and empowering indigenous businesses.
According to Adams, the participating banks will provide capital and financial discipline, while SNEPCo will support the arrangement through contract awards and payment domiciliation, significantly reducing lending risks. Contractors, he added, will be responsible for delivering quality project execution, creating a transparent and mutually beneficial financing framework.
For Fidelity Bank, the partnership further reinforces its strategic position as one of Nigeria’s leading financiers of the oil and gas industry. The bank has consistently provided innovative financing solutions that enable indigenous operators to expand capacity, execute major projects and contribute to national energy security.
Over the years, Fidelity Bank has played a significant role in supporting local content development through financing interventions across the upstream, midstream and downstream segments of the industry, including major transactions in the liquefied petroleum gas (LPG) market and other strategic energy infrastructure projects.
Its participation in the SNEPCo Contractor Finance Facility underscores the bank’s continued commitment to deploying capital, industry expertise and strong relationship management to accelerate indigenous participation, enhance operational efficiency and support Nigeria’s drive towards sustainable economic growth through the energy sector.
The collaboration is expected to unlock fresh investment opportunities for indigenous contractors, improve project delivery, strengthen local capacity and contribute to the long-term competitiveness of Nigeria’s oil and gas industry.