By Ayomide Otitoju
Fidelity Bank Plc has reaffirmed its commitment to advancing Nigeria’s oil and gas sector, with a particular focus on supporting indigenous operators. The declaration was made by the bank’s Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, OON, during a first oil presentation for Emadeb Energy at Fidelity Place, the bank’s corporate headquarters in Lagos.
Speaking at the event, Emadeb Energy’s Group Managing Director and CEO, Mr. Adebowale Olujimi, lauded Fidelity Bank for its role in enabling the company to achieve first oil.
“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. Fidelity Bank reviewed our proposal thoroughly, including legal, technical, financial, and character assessments. We met these requirements, and that is why they supported us,” Olujimi said.
Dr. Onyeali-Ikpe congratulated Emadeb Energy on its milestone and reiterated the bank’s commitment to strengthening Nigeria’s energy sector.
“At Fidelity Bank, we are dedicated to supporting indigenous companies in developing oil and gas 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, improving petroleum product distribution and reducing costs. Additionally, we part-financed the production of a 23,000-cubic-meter Liquefied Petroleum Gas carrier for Temile Development Company Limited, which supports cleaner energy use and strengthens local maritime participation,” she said.
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.
“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,” Olujimi added.
