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Shell Nigeria Launches $3bn Facility to Empower Local Oil Contractors

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Shell

Shell Nigeria has partnered with nine banks to launch a transformative $3bn contract finance facility, boosting indigenous oil and gas contractors with vital credit support in naira and dollars

Shell Nigeria Exploration and Production Company Limited Managing Director Ronald Adams on Thursday in Lagos formally launched a landmark $3 billion contract finance facility in partnership with nine leading Nigerian banks to strengthen indigenous participation in the oil and gas sector.

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Also read: Shell SNEPCo Completes Bonga FPSO Turnaround Ahead of Schedule

The initiative, signed via a Memorandum of Understanding, aims to improve access to credit for local contractors executing projects for SNEPCo, with financing available in both naira and United States dollars.

The participating banks include 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.

Adams highlighted the scheme’s alignment with national priorities. “The initiative reflects the spirit of the Nigerian Oil and Gas Industry Content Development Act, which is aimed at in-country value retention,” he said. “Our partner banks offer capital and discipline.

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SNEPCo brings contracts and domiciliation of payments that de-risk lending. On their part, the contractors provide performance. Each is accountable to the others, and the mutual accountability gives the arrangement its strength.”

Vice President, Finance, Shell Nigeria, CJ Akwaeze, described the facility as a clear demonstration of Shell’s commitment to supporting the growth of oil and gas operations across the country.

Chairman of the Petroleum Technology Association of Nigeria Wole Ogunsanya, represented by Dr Joan Faluyi, welcomed the development as a significant step forward.

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He lauded the facility as a “gateway to unlocking contractor financing issues, which will also drive efficiency in contract execution.”

Representatives of the banks commended SNEPCo for the innovative arrangement and pledged ongoing support to strengthen local capacity.

This latest move builds on SNEPCo’s longstanding efforts to empower Nigerian firms.

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Earlier this year, 43 wholly Nigerian companies participated in the turnaround maintenance exercise at the Bonga Floating Production Storage and Offloading vessel, out of 53 firms involved overall.

Also read: Shell posts 11% profit rise despite lower oil prices

The Contract Finance Facility is expected to further enhance the capabilities of indigenous companies and deliver greater value in the operations of Nigeria’s premier deepwater producer, fostering sustainable industry growth and broader economic benefits.

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Rest of World to Shut Down as Search for New Home Continues

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Rest of World

Rest of World shutdown plans point to January 2027 as leaders seek a new institutional home for the nonprofit technology newsroom

Rest of World, the international nonprofit digital publication known for reporting on technology’s impact beyond Western markets, is preparing to end operations as an independent organisation in January 2027 while its leadership searches for a new institutional home.

Also read: Flamingos Target Quarter-Finals in Mexico Clash

Deputy Editor Rina Chandran confirmed the development in a LinkedIn post on Monday, October 26, 2026, saying the newsroom would continue publishing until the end of January as efforts to secure a future for the publication continued.

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“Yes, it’s true: Rest of World is shutting down. After six years of award-winning reporting, our leadership is searching for a new home for the publication that was launched to cover innovation outside the West,” Chandran wrote.

She recalled joining the publication as its Southeast Asia editor in Bangkok before moving to San Francisco, where she became a deputy editor covering how technology developed in Silicon Valley affects people in other parts of the world.

Chandran described working with the publication’s reporters, editors, freelancers and columnists as a privilege, expressing appreciation for the people who contributed to its journalism.

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She also reassured contributors that work already commissioned would still be published and that existing journalism would be preserved and remain accessible.

“If you are a freelancer or columnist who has already been commissioned, you’re good! Your work will be preserved and continue to be accessible,” she wrote, thanking readers, donors and supporters.

The announcement follows a report by Semafor on Sunday that Rest of World founder and principal financial backer Sophie Schmidt had held discussions with several large institutions about potentially taking over the newsroom.

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According to Semafor, two people familiar with the plans said a late-January wind-down date had been set to give employees time to receive exit packages and seek new jobs if efforts to find a new institutional home failed.

Schmidt reportedly told donors that the publication would stop operating as a standalone entity at the end of January.

The proposed closure comes amid a reported decline in traffic from web searches and social media referrals over the preceding 18 months.

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The publication had attempted to retain readers by placing greater emphasis on Western audiences and requiring visitors to register before accessing articles.

Founded in 2020, Rest of World sought to broaden technology journalism beyond the traditional focus on Silicon Valley and other Western technology centres.

Its reporting examined how digital products, platforms and infrastructure shape everyday life, work and economies in emerging markets and other underreported regions.

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Schmidt pledged $60m to establish the project as a nonprofit newsroom.

Over the years, its coverage has explored technology-driven changes in labour markets, digital infrastructure, artificial intelligence and the influence of major technology companies.

The publication’s 2025 annual report said it reached more than 753,000 readers monthly across platforms and channels, with reporting spanning nearly 40 countries during the year.

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Those figures illustrate the scale of its international reporting, even as the organisation faces difficulties sustaining its current operating model.

The planned end of independent operations does not necessarily mean the publication’s journalism will disappear.

Its leadership is seeking an institution that could provide a future for the newsroom, while Chandran has said its existing work will remain accessible.

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Also read: Flamingos Target Quarter-Finals in Mexico Clash

Whether a suitable organisation will take over the publication, and what form Rest of World might take under new ownership or institutional support, remains unresolved.

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