Shell Nigeria Exploration and Production Company has launched a $3 billion Contract Finance Facility with nine Nigerian banks, aimed at giving local oil service contractors easier access to credit in both naira and dollars.
The participating lenders are First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered, First City Monument Bank and Fidelity Bank. SNEPCo Managing Director Ronald Adams said the arrangement reflects the spirit of Nigeria’s local content law, describing a structure where banks bring capital, SNEPCo brings contracts that de-risk lending, and contractors bring performance — with each party accountable to the others.
Shell Nigeria’s Vice President of Finance, C.J. Akwaeze, framed the facility as part of the company’s broader commitment to growing Nigeria’s oil and gas sector, while the Petroleum Technology Association of Nigeria welcomed the scheme as a way to unlock contractor financing and drive more efficient project execution. Nigerian firms have played a growing role in SNEPCo’s operations recently, with 43 wholly Nigerian companies among the 53 involved in an early-2026 turnaround maintenance exercise at the Bonga FPSO.
Source: (allafrica.com (ThisDay))