One of the financial institutions in the country, Fidelity Bank Plc, has reiterated its commitment to strengthening Nigeria’s energy sector, with special focus on indigenous operators.
The chief executive of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, gave this assurance at the first oil presentation event for Emadeb Energy at Fidelity Place in Lagos recently.
Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, a milestone regarded as a significant breakthrough in Nigeria’s upstream sector.
Speaking at the event, Mrs Onyeali-Ikpe said, “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, 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, which supports cleaner energy use and strengthens local maritime participation.”
On his part, the chief executive of Emadeb Energy, Mr Adebowale Olujimi, thanked the lender for its role in enabling the company’s progress.
“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 already-established customers.
“Fidelity Bank reviewed our proposal thoroughly, including legal, technical, financial and character assessments. We met these requirements and that is why they supported us.”
“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.