NIGERIAN BANKS RAISED $2.5BN TO FUND ACQUISITION OF SHELL OIL BLOCKS

The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, has stated that his bank and some other Nigerian banks accounted for about $2.5 billion used by some Nigerian independent firms to acquire assets during the recent divestment of onshore assets by Shell Petroleum Development Company (SPDC), Total and Nigerian Agip Oil Company (NAOC).

This is coming as the federal government has warned that indigenous companies that were awarded marginal oil fields in 2003 but have not developed the fields would forfeit the assets by March 2015.

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