Fidelity Bank Plc has reaffirmed its dedication to advancing Nigeria’s oil and gas industry, with a particular focus on supporting indigenous operators.
This was stated during a first oil presentation event for Emadeb Energy held at Fidelity Place, the bank’s corporate headquarters in Lagos.
Speaking at the event, Dr. Nneka Onyeali-Ikpe, OON, Managing Director and CEO of Fidelity Bank, congratulated Emadeb Energy on achieving first oil and emphasized the bank’s continued commitment to financing projects that enhance energy security and promote sustainable growth in Nigeria.
“At Fidelity Bank, we are dedicated to supporting indigenous companies in developing oil and gas assets that enhance energy security and promote sustainable growth,” Dr. Onyeali-Ikpe said.
She highlighted the bank’s role in financing Nigeria’s first privately built and operated onshore crude export terminal in over fifty years at the Otakikpo Marginal Field in Rivers State, as well as the Pinnacle Oil and Gas Terminal in Lekki, Lagos, and a 23,000-cubic-meter LPG carrier for Temile Development Company Limited.
Mr. Adebowale Olujimi, Group Managing Director and CEO of Emadeb Energy, praised Fidelity Bank for its willingness to take calculated risks.
“Many banks prefer to work with companies only after they have achieved first oil. Fidelity Bank reviewed our proposal thoroughly and supported us because we met their legal, technical, financial, and character assessments,” Olujimi said.
Emadeb Energy, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, marking a significant milestone for Nigeria’s upstream sector.
The company plans to drill two additional wells and raise production to 12,000 barrels per day by the end of 2026, with further plans to expand its gas business and increase oil output to 30,000 barrels per day.
Fidelity Bank’s strategic interventions in financing indigenous oil and gas projects underscore its role as a key enabler of Nigeria’s energy sector and a supporter of sustainable economic growth.
