Fidelity Bank Reaffirms Commitment to Indigenous Growth in Nigeria’s Oil and Gas Sector

Fidelity Bank Reaffirms Commitment to Indigenous Growth in Nigeria’s Oil and Gas Sector

Fidelity Bank Plc has restated its dedication to strengthening Nigeria’s oil and gas industry, with a strong emphasis on supporting indigenous operators. The reaffirmation was made by the bank’s Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, OON, during a first oil presentation held for Emadeb Energy at Fidelity Place, the bank’s corporate headquarters in Lagos.

Speaking at the event, Emadeb Energy’s Group Managing Director/CEO, Mr. Adebowale Olujimi, praised Fidelity Bank for its role in advancing the company’s operations.

“What makes Fidelity Bank unique is its willingness to take calculated risks. Many banks prefer to work with companies only after they have achieved first oil because they want established customers. Fidelity Bank thoroughly reviewed our proposal — legal, technical, financial and character assessments. We met the requirements and they supported us,” he said.

Dr. Onyeali-Ikpe congratulated Emadeb Energy on its first oil milestone and reiterated the bank’s commitment to supporting indigenous players in the sector.

“At Fidelity Bank, we are dedicated to supporting indigenous companies in developing assets that enhance energy security and promote sustainable growth. Our interventions 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 improves petroleum product distribution and reduces costs. In addition, 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,” she stated.

Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, a development considered a notable breakthrough in Nigeria’s upstream landscape.

Mr. Olujimi noted that the company is now preparing for a new phase of expansion.

“Our next phase will be exciting. We plan to drill two additional wells and increase production to 12,000 barrels per day by the end of 2026. After that, we aim to expand our gas business and raise oil output to 30,000 barrels per day,” he added.