Fidelity Bank Backs Nigeria’s First Privately Built Onshore Oil Export Terminal in Over 50 Years

Fidelity Bank Backs Nigeria’s First Privately Built Onshore Oil Export Terminal in Over 50 Years

Rivers State, Nigeria – June 17, 2025
Fidelity Bank Plc has facilitated a landmark development in Nigeria’s oil and gas sector, funding the construction of the country’s first privately built and operated onshore crude oil export terminal in more than five decades.

Located at the Otakikpo Marginal Field in Rivers State and operated by Green Energy International Limited (GEIL), the facility recorded its maiden crude oil shipment at 2:00 p.m. on Sunday, June 8, 2025, when a Shell-chartered vessel lifted the first cargo — a historic milestone in Nigeria’s energy landscape.

Speaking on the bank’s role in the project, Fidelity Bank’s Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, said the initiative reflects the bank’s unwavering commitment to empowering indigenous enterprises and advancing national development.

“Our partnership with Green Energy International underscores our belief in the capacity of local companies to transform the energy sector. With an initial storage capacity of 750,000 barrels, expandable to 3 million, and a loading rate of 360,000 barrels per day, this terminal will significantly enhance Nigeria’s crude export capacity and energy security,” Onyeali-Ikpe stated.

She noted that the terminal aligns with the bank’s broader mission to drive individual growth, support thriving businesses, and catalyze economic prosperity.

The project, constructed in less than two years, is the first of its kind by a private operator on the African continent. It is strategically positioned to ease pressure on offshore loading platforms and provide a viable evacuation route for over 40 nearby stranded oil fields, which collectively hold an estimated 3 billion barrels of oil equivalent.

Chairman of GEIL, Professor Anthony Adegbulugbe, hailed the launch as a historic feat and credited its success to divine intervention, a dedicated technical team, and strong collaboration with regulators and stakeholders.

“We are proud of what we have achieved and grateful to all our partners, including Fidelity Bank, whose support was instrumental. This terminal represents a turning point not just for our company, but for the entire African energy value chain,” he said.

The Otakikpo terminal currently supports crude injection of up to 250,000 barrels per day, while production from the field stands at around 10,000 barrels per day. With increasing global demand for African crude, the facility is expected to attract additional investments and strengthen Nigeria’s positioning in the international energy market.

Fidelity Bank Plc, ranked among Nigeria’s top financial institutions, serves over 9.1 million customers through its 255 business offices across Nigeria and the United Kingdom subsidiary, FidBank UK Limited. The bank continues to garner accolades for innovation and service excellence, including the 2024 Excellence in Digital Transformation and MSME Banking Award by BusinessDay BAFI, and the Most Innovative Mobile Banking Application Award from Global Business Outlook.