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Stanbic IBTC Bank Wins Best Sub-Custodian Bank In Nigeria For 13th Time

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assured them of the firm’s unwavering commitment to providing the best custodial services

…We assured customers of the firm’s unwavering commitment to providing the best custodial services

Olushola Okunlade Writes

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has emerged as ‘Best Sub-Custodian Bank in Nigeria’ at the 2022 edition of the Global Finance Awards. The recent win makes it the thirteenth consecutive time the bank will win the award.

Organized by Global Finance magazine, the Global Finance Awards recognizes banks and other financial services providers that provide astounding services in customer relations, quality of service, competitive pricing, smooth handling of exception items, technology platforms, post-settlement operations, business continuity plans, and knowledge of local regulations and practices, across seven regions and more than 80 countries. According to them, input from expert sources and market research as well as other entry information criteria are used in selecting banks that reliably provide the best services in local markets and regions.

While expressing his delight at the award, Babatunde Majiyagbe, Chief Executive, Stanbic IBTC Nominees, said the recognition is due to the organization’s innovative drive in deploying cutting-edge technology in its service delivery as well as its passion for client satisfaction.

“Being consistently recognized by Global Finance as Nigeria’s best provider of custody services is an achievement we are proud of. It is a recognition of the hard work and dedication of our team in carrying out custodial services, our ever-evolving technological innovation in service delivery, and our commitment to putting our clients first. It reaffirms our leadership in the custodial industry, which is a demonstration of our commitment and exceptional track record as the trusted partner for investor services in Nigeria,” said Babatunde.

“The criteria for this recognition show that we are on the right path as we continually seek ways to provide the best-in-class service to our clients despite current global challenges. Client-focus and digitization remain key drivers for business success, and we will continue to provide value because we are committed to making progress real.”

The Stanbic IBTC Nominees Chief Executive, while appreciating clients for trust and confidence in the organization, assured them of the firm’s unwavering commitment to providing the best custodial services.

“Our appreciation goes to our esteemed clients for their trust and the confidence placed in us. They are the reason behind this award. Our commitment remains strong and clients should not expect us to rest on our oars with this award, despite winning it repeatedly. Indeed, in line with our values, we seek to continually raise the bar. With an enhanced focus on improved technology, digitization, and market advocacy as tools to make Nigeria’s custody industry rank among the best globally, Stanbic IBTC will continue to ensure clients get the best services in terms of custodial offerings.”

Global Finance, founded in 1987 and headquartered in New York, is currently circulated in 187 countries. Its audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions.

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57th CIBN Bankers’ Dinner: “CBN Has Continued To Be Purposeful In Curtailing Economic Shocks From Aftermath COVID-19 Pandemic” – Ken Opara

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57th CIBN Bankers’ Dinner: "Inflation Is Also Driven By Local Factors" - Emefiele

…CBN keeps inflation tiding and other related economic indices

…as Ken Opara appreciates banks MDs for their unwavering support

Olushola Okunlade Writes

The Chartered Institute of Bankers of Nigeria (CIBN) held its 57th Annual Bankers’ Dinner on Friday 25th November 2022 in Lagos.

The theme “Radical Responses to Abnormal Episodes: Time for Innovative Decision-making,” provided a great opportunity for Emefiele to analyze the economic outlook, and successes achieved by the Central Bank of Nigeria in addressing some of the challenges facing the country.

The Adhoc Committee on the 57th CIBN 2022 Annual Bankers’ Dinner has put in a lot of effort to ensure that the dinner is successful.

The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has stated that with the various monetary policy tools in use by the CBN, he foresees inflation figures declining steadily to below 15 per cent by the end of 2023.

Figures from the National Bureau of Statistics (NBS) indicated that inflation in Nigeria increased by a record 5.09 per cent to 21.09 per cent year-on-year in October 2022, compared to the corresponding period of 2021.

Dr. Ken Opara, FCIB, President/Chairman of Council CIBN in his welcome address at the 57th annual bankers’ dinner held at Eko Hotel & Suites said “it is fitting that we gather to celebrate a long but productive year despite the challenges we encountered. I welcome you all and appreciate you for honouring our invitation to attend this event despite your busy schedules. Your presence means a lot to us, and I hope that you feel delighted to be part of this great occasion.

“During the year, the Central Bank of Nigeria has continued to be purposeful in curtaining economic shocks from the aftermath of the 4th wave of the COVID-19 pandemic to keep inflation tiding and other related economy indices, most especially local currency, from distortions, exacerbated by declining production levels fueled by the high cost of production, insecurity, dwindling government revenues, foreign exchange volatility and the uncertainty in the global oil market. Through the careful management of the Monetary Policy Rate (MPR), the CBN continued to drive the recovery path of the Nigerian economy post-recession through the expansion of credit to the real sector, prudent management of foreign exchange and reserves as well as promoting sound financial environment and monetary policy. We are happy that the banking industry has continued to remain sound and resilient.”

CIBN President eulogised the effort of CBN saying “More recent interventions of the CBN have seen the second phase in the implementation of the Risk-Based Cybersecurity Framework and Guidelines for Other Financial Institutions (OFIs) to guard against cybersecurity threats in financial institutions; introduction of Bank Neutral Cash Hubs (BNCH) which seeks to reduce cost and improve operational efficiency in the country’s cash management value chain; the implementation of the second phase of E-Naira Policy to deepen financial inclusion/cashless economy, and more recently, the redesigning of the Naira note to fight to counterfeit, control currency in circulation, deepen CBNs drive to entrench cashless economy and sustainability of the financial industry. These and over 37 intervention programs of the Bank aimed at sustaining the growth and development of the Nigerian economy.

Dr. Ken Opara reaffirm CIBN`s support of this laudable initiative taken by the Central Bank of Nigeria (CBN).

“Being the conscience and moral compass of the banking and finance industry, CIBN is resolute and committed to the observance and maintenance of ethics and professionalism among practitioners in the industry. In light of this, some initiatives and achievements recorded this year have been collated and would be mentioned during a brief but highly informative documentary to be shared with you shortly.”

57th CIBN Bankers’ Dinner: "Inflation Is Also Driven By Local Factors" - Emefiele

Opara said “The Annual Bankers’ Dinner is an event where stakeholders of the banking community (the regulators, operators, government, customers, and the business society) are afforded the opportunity to let their hair down and network in a more informal setting. It also provides a platform to reflect on the developments in the banking industry and economy over the past year while gaining economic insights for the year to come.”

CIBN President stated that the Annual Bankers Dinner affords stakeholders’ the rare privilege of interacting and listening to the Governor of CBN ( Dr. Godwin Emefiele CON FCIB) as he examines critical issues and developments in the banking and financial industry during the year. As expected, he will be sharing his perspective on economic and financial market developments over the past year and provide an outlook on the economy, for the year ahead. I would therefore like to use this medium to acknowledge and express our appreciation to Mr. Governor for your contributions to the Institute and the economy at large.”

While welcoming the Executive Governor of Lagos State, Mr. Babajide Snawo-Olu who is ably represented by the Commissioner for Budget, Senior Country Manager, International Finance Corporation (IFC), Mr. Kalim Shah who proposes the toast of the Federal Republic of Nigeria as well as the President of the Association of Professional Bodies, Mr. Akinloye Oyegbola who propose the Toast for CIBN.

In 2019, the Southern Swamp Associated Gas Solutions project was commissioned, and the SPDC JV is planning to reduce associated gas flaring further through its Forcados Yokri gas-gathering project, of which large parts are set to be completed in 2022. Despite such efforts to reduce continuous flaring, unfortunately flaring intensity (the amount of gas flared for every tonne of oil and gas produced) at both SPDC- and SNEPCo-operated facilities increased in 2021 owing to short-term operational issues. Flaring from SPDC-operated facilities increased by around 5% in 2021 compared with 2020. The increase was primarily because of the extended outage of the gas compression system in SPDC’s shallow-water operations. The system was restored and became operational from January 2022. Flaring at SNEPCo-operated facilities rose by around 160% in 2021 compared with 2020. This was mainly because of an increase in flaring on the Bonga floating production, storage and offloading (FPSO) vessel. Repairs to a flex-joint on the Bonga FPSO’s gas export riser in the second quarter took longer than expected, in part because of weather conditions. While repairs were under way, the FPSO continued to produce oil and therefore flaring was necessary for safety reasons. The repairs were safely concluded in July 2021. Although flaring intensity levels rose in 2021, SPDC and SNEPCo over the last 10 years have almost halved the combined amount of hydrocarbons they flare from 1.5 million tonnes in 2012 to 0.8 million tonnes in 2021. This reduction is the result of a strict flaring reduction management process and both SPDC and SNEPCo will continue to work in close collaboration with joint-venture partners and the government to make progress towards ending routine flaring of associated gas. NIGERIA LNG EXPANSION UNDERWAY Global demand for LNG continues to grow as the world increasingly seeks reliable supplies of lowercarbon energy. Shell’s investment in Nigeria’s gas infrastructure for export is expected to help 6 This is according to a data provided by global research and consultancy business Wood Mackenzie. the country benefit further from revenues. Shell Gas B.V. and its partners took a final investment decision in 2020 on a new LNG processing unit – known as Train 7 -- at NLNG. The expansion is expected to create around 12,000 jobs for Nigerians during construction and stimulate growth of the local oil and gas service sector, with 55% of engineering and procurement of goods and services being sourced in-country. Train 7 is expected to ensure Nigeria’s continued place as a global player in a lower-carbon energy source. Once operational, Train 7 will add around 8 million tonnes per annum of capacity to the Bonny Island LNG facility, taking the total production to around 30 million tonnes per annum. In 2021, NLNG began awarding procurement and construction contracts. Early works started at the site. The first phase of the worker village is expected to be ready for occupancy in 2022 and the new material offloading facility ready for use by the end of 2022. NLNG’s Train 7 is expected to come onstream in the middle of the 2020s. KEY LICENCE RENEWED FOR DEEP-WATER SNEPCo has interests in four deep-water blocks in the Gulf of Guinea, two of which it operates. Today, nearly one-third of Nigeria’s deep-water oil and gas production comes from the Bonga and the nonoperated Erha fields.6 Since production began in 2005, Bonga alone has produced more than 950 million barrels of oil with the 2021 average oil production per day at 105,000 barrels. The Bonga FPSO vessel has a total production capacity of 225,000 barrels of oil per day and 150 standard cubic feet of gas export per day. In 2021, the availability of the FPSO vessel increased to 80% from 70% in 2020. In addition to Bonga, SNEPCo’s exploration activities have led to several significant discoveries of oil and gas over the last two decades, including the Bolia and Doro fields (Shell interest 55%). Nigeria Briefing Notes Helping to power Nigeria’s economy 13 In the right investment climate, SNEPCo believes that there are opportunities to expand. In 2021 the OML 118 (Bonga) production sharing contract was renewed and the lease extended for 20 years. Bonga North and Bonga South West Aparo (BSWA) oil fields are two such potential opportunities. Bonga North is a proposed tie-back project to the existing Bonga FPSO with Phase 1 comprising 14 wells. BSWA is a development of a new FPSO with Phase 1 comprising 23 wells. SUPPORTING RENEWABLE ENERGY STARTUPS Millions of Nigerians are excluded from the country’s power grid and Shell Companies in Nigeria have established and provided substantial funding for a not-for-profit, impact-investing company called All On. Operating as an independent company, All On works to bring reliable electricity – often from renewable energy sources -- to off-grid urban and rural customers. This support aims to build a solid pipeline of viable businesses that can create the scale required to address Nigeria’s access to energy gap. In December 2019, SPDC and SNEPCo made a significant additional 10-year financing commitment of $160 million in All On, bringing the total commitment to $200 million. By the end of 2021, All On had provided investment capital to over 40 renewable energy start-ups in its portfolio – an increase of more than 30% from 2020. One such company is Infibranches Technologies Limited, to which All On has committed $2 million, which is expected to enable the indigenous technology company to expand sales of solar home systems via its more than 13,000 agent banking partners across Nigeria. With the support of the Rockefeller Foundation, the All On Hub was established in 2020 to provide nonfinancial support and build the capabilities of off-grid energy entrepreneurs. In 2021, the hub supported 81 ventures – nearly double the 41 supported in 2020. Also in 2021, All On, Odyssey Energy Solutions and the Global Energy Alliance for People and Planet launched a $10 million equipment financing facility as part of the DART pilot programme in Nigeria. 7 Hydraulic flying leads support the delivery of hydraulic fluid and/or chemicals between subsea equipment. 8 Subsea trees are an assembly of valves and other components used to monitor and control the production of a subsea well. DART will combine demand pooling, aggregated purchasing of solar equipment, and access to affordable finance to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria and beyond. DEVELOPING LOCAL CONTENT AND SKILLS Shell Companies in Nigeria contribute to the growth of Nigerian businesses that can provide technical and support services to the industry. This includes the manufacture of tools and technical kits, the operation of helicopter flights in the Niger Delta, and strategic partnerships between foreign and local companies to stimulate technology transfer and capacity development. While there are government-required programmes in some areas, such as the Nigerian and Community Content Strategy embedded in the Assa North/Ohaji South gas development project, Shell Companies in Nigeria deliberately seek to contract local businesses wherever possible. In 2021, Shell Companies in Nigeria awarded $800 million worth of contracts to Nigerian-registered companies. Of these, 92% were companies with at least 51% Nigerian ownership. SNEPCo has awarded major engineering and construction contracts to companies that are indigenous, have local staff, or possess domestic capabilities in the country. At present, the manufacture and rebuild of hydraulic flying leads7 (HFLs) is being carried out in-country by wholly indigenous companies. Pressure Controls Systems Nigeria Limited, another Nigerian company, continues to refurbish old subsea trees.8 Sometimes, a lack of access to capital hinders Nigerian companies from competing for and executing contracts effectively. Shell Companies in Nigeria have provided access to nearly $1.6 billion in loans to 901 Nigerian vendors under the Shell Contractor Support Fund since 2012. These loans help improve their tendering opportunities.

Opara appreciates all the Managing Director/Chief Executives of Banks who have co-sponsored the CIBN Annual Bankers’ Dinner and particularly, those who are present at the event. He expresses sincere appreciation to the Committee Chairman, Mr. Ebenezer Onyeagwu, FCIB, GMD/CEO, Zenith Bank Plc, and the other members of the Committee for their tremendous efforts in planning this momentous event.

He commend the Adhoc Committee on the new initiatives introduced to further spice up the night and make it indeed a night to celebrate. Amongst recognizing outstanding professionals in the industry, other highlights of the event also include a raffle draw for all attendees who won various prizes and amazing treats.

Dr. Segun Aina Fintech Nigeria Founder, Mr. Oluremi Akande LAPO Microfinance Bank, Mr. Rasheed Bolarinwa Polaris Bank, and Alhaji Aminu Gwadabe National President ABCON among others graced the event.

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CBN Governor, Others Appreciate President Buhari For His Unflinching Support To Deliver Redesigned Banknotes

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CBN Governor, Others Appreciate President Buhari For His Unflinching Support To Deliver Redesigned Banknotes

Olushola Okunlade Writes

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has expressed gratitude to Nigeria President, Muhammadu Buhari GCFR, for his unflinching support to the Bank and the capacity of the Nigerian Security Printing and Minting Company (NSPMC) to deliver the redesigned banknotes.

In his remarks, the Governor of CBN, Godwin Emefiele, thanked the President for his unwavering support for the redesign and distribution of the new notes, which he said will control inflation, make policies more effective, ensure financial inclusion and fight corruption.

The CBN Governor also noted that by international best practice, the redesign of notes should be every five to eight years, and the currency in circulation had been in usage for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.

Mr. Emefiele also appreciated President Buhari for his insistence that the initial notes must be designed and produced within the country, further placing confidence in Nigerian Security Printing and Minting.

“Mr. President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today,’’ he added.

The CBN Governor listed the benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.

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LAPO Wins CBN’s Best Financially Inclusive Microfinance Bank Of The Year 2022

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LAPO Wins Best Financially Inclusive Microfinance Bank Of The Year 2022

…as LAPO MD expresses gratitude to organisers

Olushola Okunlade Writes

LAPO Microfinance Bank Limited ( LAPO MfB), a premium microfinance institution in Nigeria has won the award of “The Best Financially Inclusive MfB of the Year “ 2022.

The award was presented to the bank at the maiden edition of the International Financial Inclusion Conference organised by The National Financial Inclusion Steering Committee (NFIS) supervised by the Central Bank of Nigeria (CBN).

The conference was a convergence of critical stakeholders: Regulators, Operators, Policy Analysts, and Government functionaries with the sole aim to examine the opportunities, challenges, and proffering solutions to the snags along the nation’s Financial inclusion objectives.

In a statement, Cynthia Ikponmwosa, Managing Director, LAPO Microfinance Bank Limited, expressed the bank’s happiness and appreciation for winning the award.

“We appreciate the NIFS, organisers of this conference, and the CBN for this recognition and award. It is a validation of LAPO’s immense impact on Financial inclusion through the consistent delivery of innovative Financial products and services to the last man in the last mile across Nigeria.

LAPO Microfinance Bank Limited remains committed to its over 30 years mandate of provision of social and economic support to members of low-income households and owners of micro small and medium enterprises in a sustainable manner.

LAPO Wins Best Financially Inclusive Microfinance Bank Of The Year 2022
Left-Right: Gloria Bako, Executive Director, Corporate Services, LAPO MfB, Eghosa Egharevba, Head, Agent Banking Services, LAPO, MfB, Cynthia Ikponmwosa, Managing Director, LAPO Microfinance Bank, Dorcas Thorpe, Head, Corporate Planning, LAPO MfB.
In 2019, the Southern Swamp Associated Gas Solutions project was commissioned, and the SPDC JV is planning to reduce associated gas flaring further through its Forcados Yokri gas-gathering project, of which large parts are set to be completed in 2022. Despite such efforts to reduce continuous flaring, unfortunately flaring intensity (the amount of gas flared for every tonne of oil and gas produced) at both SPDC- and SNEPCo-operated facilities increased in 2021 owing to short-term operational issues. Flaring from SPDC-operated facilities increased by around 5% in 2021 compared with 2020. The increase was primarily because of the extended outage of the gas compression system in SPDC’s shallow-water operations. The system was restored and became operational from January 2022. Flaring at SNEPCo-operated facilities rose by around 160% in 2021 compared with 2020. This was mainly because of an increase in flaring on the Bonga floating production, storage and offloading (FPSO) vessel. Repairs to a flex-joint on the Bonga FPSO’s gas export riser in the second quarter took longer than expected, in part because of weather conditions. While repairs were under way, the FPSO continued to produce oil and therefore flaring was necessary for safety reasons. The repairs were safely concluded in July 2021. Although flaring intensity levels rose in 2021, SPDC and SNEPCo over the last 10 years have almost halved the combined amount of hydrocarbons they flare from 1.5 million tonnes in 2012 to 0.8 million tonnes in 2021. This reduction is the result of a strict flaring reduction management process and both SPDC and SNEPCo will continue to work in close collaboration with joint-venture partners and the government to make progress towards ending routine flaring of associated gas. NIGERIA LNG EXPANSION UNDERWAY Global demand for LNG continues to grow as the world increasingly seeks reliable supplies of lowercarbon energy. Shell’s investment in Nigeria’s gas infrastructure for export is expected to help 6 This is according to a data provided by global research and consultancy business Wood Mackenzie. the country benefit further from revenues. Shell Gas B.V. and its partners took a final investment decision in 2020 on a new LNG processing unit – known as Train 7 -- at NLNG. The expansion is expected to create around 12,000 jobs for Nigerians during construction and stimulate growth of the local oil and gas service sector, with 55% of engineering and procurement of goods and services being sourced in-country. Train 7 is expected to ensure Nigeria’s continued place as a global player in a lower-carbon energy source. Once operational, Train 7 will add around 8 million tonnes per annum of capacity to the Bonny Island LNG facility, taking the total production to around 30 million tonnes per annum. In 2021, NLNG began awarding procurement and construction contracts. Early works started at the site. The first phase of the worker village is expected to be ready for occupancy in 2022 and the new material offloading facility ready for use by the end of 2022. NLNG’s Train 7 is expected to come onstream in the middle of the 2020s. KEY LICENCE RENEWED FOR DEEP-WATER SNEPCo has interests in four deep-water blocks in the Gulf of Guinea, two of which it operates. Today, nearly one-third of Nigeria’s deep-water oil and gas production comes from the Bonga and the nonoperated Erha fields.6 Since production began in 2005, Bonga alone has produced more than 950 million barrels of oil with the 2021 average oil production per day at 105,000 barrels. The Bonga FPSO vessel has a total production capacity of 225,000 barrels of oil per day and 150 standard cubic feet of gas export per day. In 2021, the availability of the FPSO vessel increased to 80% from 70% in 2020. In addition to Bonga, SNEPCo’s exploration activities have led to several significant discoveries of oil and gas over the last two decades, including the Bolia and Doro fields (Shell interest 55%). Nigeria Briefing Notes Helping to power Nigeria’s economy 13 In the right investment climate, SNEPCo believes that there are opportunities to expand. In 2021 the OML 118 (Bonga) production sharing contract was renewed and the lease extended for 20 years. Bonga North and Bonga South West Aparo (BSWA) oil fields are two such potential opportunities. Bonga North is a proposed tie-back project to the existing Bonga FPSO with Phase 1 comprising 14 wells. BSWA is a development of a new FPSO with Phase 1 comprising 23 wells. SUPPORTING RENEWABLE ENERGY STARTUPS Millions of Nigerians are excluded from the country’s power grid and Shell Companies in Nigeria have established and provided substantial funding for a not-for-profit, impact-investing company called All On. Operating as an independent company, All On works to bring reliable electricity – often from renewable energy sources -- to off-grid urban and rural customers. This support aims to build a solid pipeline of viable businesses that can create the scale required to address Nigeria’s access to energy gap. In December 2019, SPDC and SNEPCo made a significant additional 10-year financing commitment of $160 million in All On, bringing the total commitment to $200 million. By the end of 2021, All On had provided investment capital to over 40 renewable energy start-ups in its portfolio – an increase of more than 30% from 2020. One such company is Infibranches Technologies Limited, to which All On has committed $2 million, which is expected to enable the indigenous technology company to expand sales of solar home systems via its more than 13,000 agent banking partners across Nigeria. With the support of the Rockefeller Foundation, the All On Hub was established in 2020 to provide nonfinancial support and build the capabilities of off-grid energy entrepreneurs. In 2021, the hub supported 81 ventures – nearly double the 41 supported in 2020. Also in 2021, All On, Odyssey Energy Solutions and the Global Energy Alliance for People and Planet launched a $10 million equipment financing facility as part of the DART pilot programme in Nigeria. 7 Hydraulic flying leads support the delivery of hydraulic fluid and/or chemicals between subsea equipment. 8 Subsea trees are an assembly of valves and other components used to monitor and control the production of a subsea well. DART will combine demand pooling, aggregated purchasing of solar equipment, and access to affordable finance to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria and beyond. DEVELOPING LOCAL CONTENT AND SKILLS Shell Companies in Nigeria contribute to the growth of Nigerian businesses that can provide technical and support services to the industry. This includes the manufacture of tools and technical kits, the operation of helicopter flights in the Niger Delta, and strategic partnerships between foreign and local companies to stimulate technology transfer and capacity development. While there are government-required programmes in some areas, such as the Nigerian and Community Content Strategy embedded in the Assa North/Ohaji South gas development project, Shell Companies in Nigeria deliberately seek to contract local businesses wherever possible. In 2021, Shell Companies in Nigeria awarded $800 million worth of contracts to Nigerian-registered companies. Of these, 92% were companies with at least 51% Nigerian ownership. SNEPCo has awarded major engineering and construction contracts to companies that are indigenous, have local staff, or possess domestic capabilities in the country. At present, the manufacture and rebuild of hydraulic flying leads7 (HFLs) is being carried out in-country by wholly indigenous companies. Pressure Controls Systems Nigeria Limited, another Nigerian company, continues to refurbish old subsea trees.8 Sometimes, a lack of access to capital hinders Nigerian companies from competing for and executing contracts effectively. Shell Companies in Nigeria have provided access to nearly $1.6 billion in loans to 901 Nigerian vendors under the Shell Contractor Support Fund since 2012. These loans help improve their tendering opportunities.

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