Fidelity Bank Plc has reaffirmed its dedication to advancing Nigeria’s oil and gas sector, emphasizing strong support for indigenous operators.
This was highlighted during the first oil presentation event for Emadeb Energy, held at Fidelity Place, the bank’s corporate headquarters in Lagos.
At the ceremony, Emadeb Energy’s Group Managing Director and CEO, Mr. Adebowale Olujimi, commended Fidelity Bank for its pivotal role in the company’s achievements.
“What sets Fidelity Bank apart is its willingness to take calculated risks,” Olujimi said. “While many banks prefer to work with companies only after they have achieved first oil, Fidelity Bank thoroughly reviewed our proposal, assessing legal, technical, financial, and character aspects. Meeting these criteria is why they chose to support us.”
Fidelity Bank’s Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, OON, congratulated Emadeb Energy on its milestone and reiterated the bank’s commitment to fostering growth in the Nigerian energy sector.
“At Fidelity Bank, we are committed to empowering indigenous companies to develop oil and gas assets that enhance national energy security and drive sustainable growth,” she said. “Our initiatives include financing Nigeria’s first privately built and operated onshore crude export terminal in over fifty years at the Otakikpo Marginal Field in Rivers State.
We also led funding for the Pinnacle Oil and Gas Terminal in Lekki, Lagos, which optimizes petroleum product distribution and reduces costs. Additionally, we part-financed the production of a 23,000-cubic-meter Liquefied Petroleum Gas carrier for Temile Development Company Limited, supporting cleaner energy use and strengthening local maritime participation.”
Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, marking a significant breakthrough in Nigeria’s upstream sector.
Looking ahead, Olujimi shared that Emadeb Energy plans to drill two additional wells and boost production to 12,000 barrels per day by the end of 2026, followed by further expansion in the gas business and a target of 30,000 barrels per day in oil output.
Fidelity Bank’s continued support underscores its strategic role in facilitating indigenous participation, innovation, and growth within Nigeria’s critical oil and gas industry.
