Fidelity Bank backs landmark private onshore oil export terminal in Nigeria

In a major development for Nigeria’s oil and gas sector, Fidelity Bank Plc has provided critical financial support for the establishment of the country’s first privately developed onshore crude oil export terminal in more than half a century.

Situated at the Otakikpo Marginal Field in Rivers State, the facility — operated by Green Energy International Limited (GEIL) — achieved a historic milestone on Sunday, June 8, 2025, when it completed its maiden crude oil export. The shipment was lifted by a Shell-chartered vessel, underscoring the terminal’s role in expanding Nigeria’s oil export capacity.

Speaking on Fidelity Bank’s contribution to the project, the Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, emphasized the bank’s commitment to advancing indigenous participation in the nation’s energy sector. “Our collaboration with Green Energy International reflects our belief in the transformative potential of Nigerian enterprises. With a starting storage capacity of 750,000 barrels—scalable to 3 million—and a daily loading capacity of 360,000 barrels, this terminal strengthens Nigeria’s energy infrastructure and demonstrates Fidelity Bank’s ongoing mission to foster growth across sectors,” she said.

This facility is expected to reduce Nigeria’s dependence on offshore export terminals while attracting new investment to the oil and gas industry.

Professor Anthony Adegbulugbe, Chairman of GEIL, described the launch as a groundbreaking achievement. “This milestone is the result of divine favor, tireless effort from our team, and robust support from industry regulators. It’s a defining moment for Nigeria’s energy sector and Africa at large,” he noted.

Completed in less than two years, the facility stands as the first private crude export terminal in Africa. It has the capacity to handle up to 250,000 barrels of injected crude oil daily. While the Otakikpo field currently produces around 10,000 barrels per day, the terminal offers a critical evacuation route for over 40 surrounding oil fields estimated to contain around 3 billion barrels of oil equivalent. This strategic advantage is expected to stimulate both production and exports from the region.

With global interest in African crude rising, the Otakikpo terminal positions Nigeria for greater influence in the international energy market. It is also a key driver for the nation’s broader energy objectives, particularly in improving evacuation logistics and enhancing output.

Fidelity Bank, recognized as one of Nigeria’s leading financial institutions, serves over 9.1 million customers through an extensive network of 255 business offices across Nigeria and a subsidiary in the United Kingdom, FidBank UK Limited.

The bank’s excellence has earned it several awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award (BAFI), the Most Innovative Mobile Banking Application by Global Business Outlook, and recognition from Euromoney as the Best Bank for SMEs in Nigeria.

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