Shell, Banks Launch $3bn Contractor Support Fund

Shell Nigeria Exploration and Production Company Ltd (SNEPCo) has taken a major step towards empowering Nigerian contractors with the launch of a $3-billion Contract Finance Facility in partnership with nine leading Nigerian banks.

The facility is designed to provide credit support for local contractors executing projects for SNEPCo operations and will be available in both Naira and US Dollars.

The participating banks are First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank and Fidelity Bank.

Speaking at the signing of the Memorandum of Understanding in Lagos, the SNEPCo Managing Dire...