Fidelity Bank Joins $3bn SNEPCo Contractor Finance Scheme to Boost Indigenous Oil, Gas Firms
Fidelity Bank Plc has reaffirmed its commitment to supporting Nigeria’s oil and gas industry by joining a $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited (SNEPCo) in collaboration with nine leading banks.
The financing scheme, unveiled in Lagos, is aimed at improving access to credit for indigenous oil and gas contractors executing projects for SNEPCo, enabling them to deliver contracts more efficiently while strengthening local participation in Nigeria’s energy sector.
The facility will provide funding in both naira and United States dollars, creating a structured financing framework that allows local contractors to secure working capital, improve project execution and enhance their competitiveness across the country’s oil and gas 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 significant step towards unlocking greater value from Nigeria’s vast oil and gas resources.
She expressed appreciation to SNEPCo for including Fidelity Bank among the participating financial institutions, reiterating the bank’s commitment to supporting investments that will drive growth in the sector.
“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,” she said.
According to Onyeali-Ikpe, the petroleum industry remains one of the country’s most important economic pillars, making adequate financing essential for successful project execution and sustained industry growth.
“As we all know, the oil and gas industry is a major contributor to Nigeria’s Gross Domestic Product (GDP), 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,” she added.
Also speaking, the Managing Director of SNEPCo, Ronald Adams, said the financing initiative aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act, which seeks to increase indigenous participation and retain more value within the country’s economy.
Adams explained that the structure of the facility was designed to reduce lending risks while ensuring accountability among all stakeholders.
He said the participating banks would provide the required capital and financial discipline, while SNEPCo would support the arrangement through contract awards and payment domiciliation, thereby reducing credit risks for lenders.
According to him, contractors benefiting from the scheme are expected to deliver projects efficiently and meet agreed performance standards, creating a financing model built on shared responsibility and accountability.
Industry observers believe the initiative will ease one of the biggest challenges confronting indigenous contractors – limited access to affordable funding – while helping them execute larger and more technically demanding projects within Nigeria’s upstream oil and gas industry.
For Fidelity Bank, participation in the facility is consistent with its strategy of supporting critical sectors of the Nigerian economy, particularly the energy industry, where access to structured finance remains vital for project execution, local content development and national energy security.
The bank said it has built a strong reputation over the years as a trusted financial partner to indigenous operators and contractors, providing funding for strategic projects that have expanded local capacity and strengthened Nigeria’s energy infrastructure.
Its interventions have included financing support for indigenous companies in the liquefied petroleum gas (LPG) segment, local content development programmes and several major transactions across the energy industry.
Through these investments, Fidelity Bank said it has continued to deploy capital, industry expertise and long-term partnerships to support projects that advance Nigeria’s oil and gas ambitions while promoting economic growth and increased indigenous participation in the sector.
