THIS DAWN — Fidelity Bank Plc has reiterated its unwavering support for the growth and expansion of Nigeria’s oil and gas industry, with particular emphasis on strengthening indigenous participation.
This reaffirmation was made by the bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, OON, during a first-oil presentation by Emadeb Energy, held at Fidelity Place, the bank’s corporate headquarters in Lagos.
During the event, Mr. Adebowale Olujimi, Group Managing Director and Chief Executive Officer of Emadeb Energy, commended Fidelity Bank for its pivotal role in the company’s journey.
“What distinguishes Fidelity Bank is its readiness to take well-considered, strategic risks.
“Many financial institutions prefer to engage only after the achievement of first oil, when operations are already well established.
“Fidelity Bank undertook a thorough review of our proposal—covering legal, technical, financial, and character assessments.
“We met the bank’s rigorous criteria, and they stood by us,” Olujimi stated.
Dr. Onyeali-Ikpe congratulated Emadeb Energy on reaching the significant milestone.
She emphasized the bank’s continued commitment to enabling value creation within Nigeria’s energy sector.
“At Fidelity Bank, we remain dedicated to empowering indigenous companies to develop oil and gas assets that bolster national energy security and drive sustainable economic growth.
“Our strategic interventions include financing Nigeria’s first privately built and operated onshore crude export terminal in more than fifty years at the Otakikpo Marginal Field in Rivers State.
“We also led the funding for the Pinnacle Oil and Gas Terminal in Lekki, Lagos, which has enhanced efficiency in petroleum product distribution and reduced logistics costs.
“Additionally, we part-financed the construction of a 23,000-cubic-meter Liquefied Petroleum Gas carrier for Temile Development Company Limited, supporting cleaner energy adoption and boosting indigenous maritime capacity,” she noted.
Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field—an accomplishment widely regarded as a notable advancement in Nigeria’s upstream petroleum sector.
Looking ahead, Olujimi outlined the company’s ambitious growth plans: “Our next phase promises significant expansion.
“We intend to drill two additional wells and ramp up production to 12,000 barrels per day by the end of 2026.
“Beyond that, we plan to scale our gas operations and increase overall output to 30,000 barrels per day.”
