Fidelity bank banner UBA banner
Shell supports Nigerian contractors with N472bn loan

By Raji Rasak and Yunus Yusuf on 10/05/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 531

•Shell Nigeria chiefs at Thursday’s media briefing in Lagos. Photo: News Express.
•Shell Nigeria chiefs at Thursday’s media briefing in Lagos. Photo: News Express.

 

The Chairman of Shell Companies in Nigeria, Mr Osagie Okunbor, on Thursday said 290 Nigerian contractors received loans valued at over N472 billion under the Shell Contractors Support Fund (SCSP).

Okunbor, who is also the Managing Director, Shell Petroleum Development Company of Nigeria (SPDC) Limited, made this known at the launch of 2018 Shell Nigeria Briefing Notes in Lagos.

He said the SCSP was set up by the company to help vendors and suppliers in the oil and gas industry to secure funds at reduced interest rates, relaxed collateral requirements and quicker processing time.

According to him, Shell awarded contracts worth over N230 billion to Nigerian contractors in 2017, representing 94 percent of the total contracts in that year.

“We’re pleased to support Nigerian contractors to play greater roles in the oil and gas industry.

“As pioneers in the industry, we have taken deliberate steps to award contracts to Nigerian vendors and worked with them to grow their capacities, cost efficiency and delivery timelines.

“We discovered, however, that access to finance has been a challenge, and the search for a solution led to the Shell Contractor Support Fund.

“Shell companies started their intervention in 2011 with Shell Kobo Fund which gave way to SCSF the following year, with seven participating financial institutions, which set aside more than N690 billion for contract execution by Nigerian companies.

“The banks are Access Bank Plc, Skye Bank Plc, Zenith Bank Plc, Stanbic IBTC Bank, First Bank of Nigeria Limited, Standard Chartered Bank and Guaranty Trust Bank.

“Nigerian ownership of key assets such as rigs, helicopters and marine vessels is also a focus, with Shell providing technical and financial support to companies across a range of sectors,” he said.

On social investment, Okunbor said that Shell had continued to work with government, communities and the civil society to fund and implement projects and programmes that had a lasting impact on people’s lives.

“For example, since 2006, the SPDC JV has disbursed more than N41 billion to 37 active Global Memorandum of Understanding (GMoU) clusters in Rivers, Delta, Bayelsa and Abia.

“A GMoU is an agreement that brings a group of communities together with representatives of state and local governments, SPDC and NGOs, with the SPDC JV providing five-year funding for communities to implement development projects of their choice.

“Social investment activities of Shell companies focus on community and enterprise development, education, health, access-to-energy and since 2016, road safety.

“In 2017, SPDC JV, Shell Nigeria Exploration and Production Company and Shell Nigeria Gas spent more than N18 billion on direct social investment projects.

“Nigeria is the largest concentration of social investment spending in the Shell Group,” Osunbor said. (NAN)

Source News Express

Posted 10/05/2018 9:39:43 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Umeh storms Ojukwu’s tomb to celebrate court victory,...

Trade: FG calls for standard packaging of made-in-Nigeria...

Iheanacho’s Property: Court insists on arrest of Imo...

Niger Govt. sacks political appointees, dissolves State Boards...

Navy warns ship owners against oil theft

No going back on Computer-Based Test: JAMB

Boko Haram survivor bags degree in USA

China issues U.S. travel warning amid trade tensions...

Kachikwu canvasses speedy deregulation of oil and gas...

Cargo Tracking Note can fetch N17 billion, says...

NAPTIP pursues human traffickers to London

FG, States, LGs share N532.7bn for October 2017...

 

Latest News N5.8bn Controversy: Osinbajo has questions to answer — Reps Troops arrest 19-year-old female suicide bomber trying to hit Maiduguri Nigeria needs 155,000 more doctors INEC vows to expose holders of illegal PVCs FG awards N206bn contract for main work of Second Niger Bridge Dasuki boycotts trial over FG’s disobedience of court orders Embattled Kogi workers smile, get salaries Reps adjourn sitting over faulty sound system Police, service provider probe fake social media posts Senate adjourns sitting over low turnout of lawmakers Buhari’s Social Investment Programme is largesse for supporters, cronies — Atiku/Obi Advocacy Group Impeachment of Ondo Speaker, Deputy irreversible — New Speaker

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (419,850 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (389,395 views) Shameless Genevieve Nnaji exposes breasts in public (322,200 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (270,563 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (243,597 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,231 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (208,623 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (190,116 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (175,418 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,342 views) Lagos plane crash: Journalist releases victims’ names (164,793 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (151,738 views)

 

Zenith Zero Balance First Bank banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (72) Business & Economy (3,785) Business Verdict (54) Columnists (959) Complaints & Requests (94) Enterprise & Opportunities (208) Entertainment (565) Features (667) Global Business Monitor (309) International (2,675) Interview (166) Live Commentary (28) Love Matters (146) Maggie's Blog (32) News (40,496) Opinion (1,140) Pidgin (13) Politics (7,702) Religion (896) Sports (1,770) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera