In a historic advancement for Nigeria’s oil and gas sector, Fidelity Bank Plc has provided funding for the construction of the country’s first privately developed and operated onshore crude oil export terminal in over half a century.
The new terminal, situated at the Otakikpo Marginal Field in Rivers State, is operated by Green Energy International Limited (GEIL). It achieved its first export milestone at 2pm on Sunday, June 8, 2025, when a Shell-chartered vessel lifted its maiden crude shipment — a key moment for the future of Nigeria’s energy infrastructure.
Speaking on the bank’s involvement in the groundbreaking project, Managing Director and CEO of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, highlighted the institution’s commitment to supporting local capacity in the energy sector.
“Our partnership with Green Energy International underscores our confidence in the ability of indigenous companies to drive progress in the country’s energy sector,” she said. “With an initial storage capacity of 750,000 barrels — expandable to 3 million — and a loading capacity of 360,000 barrels per day, this terminal will significantly boost Nigeria’s energy security.”
She noted that transformative projects like the Otakikpo terminal align with Fidelity Bank’s core mission: enabling individuals to grow, businesses to thrive, and economies to prosper.
The launch is expected to reduce reliance on offshore export facilities and attract renewed investment to Nigeria’s oil industry.
Chairman of GEIL, Prof. Anthony Adegbulugbe, described the achievement as a historic milestone enabled by divine grace, regulatory support, and the determination of the company’s local team.
“We appreciate all our partners and the dedication of our indigenous technical team who made this happen,” he said. “It’s a proud moment for us, for Africa’s energy industry, and for the future of the country’s oil and gas development.”
Constructed in less than two years, the Otakikpo terminal is the first of its kind on the continent developed entirely by a private operator. The facility is built to handle up to 250,000 barrels of crude injection per day, while the Otakikpo field currently yields approximately 10,000 barrels daily.
Additionally, the terminal provides a strategic evacuation route for more than 40 stranded oil fields in the area, which collectively hold an estimated 3 billion barrels of oil equivalent. This offers a new lease of life to underutilized reserves and strengthens Nigeria’s crude production and export potential.
With global demand for African crude steadily rising, the Otakikpo terminal is expected to play a crucial role in attracting further investment and reinforcing Nigeria’s presence in the international energy market. It also supports the country’s long-term goals for improving oil evacuation and production efficiency.
Fidelity Bank Plc, ranked among Nigeria’s top-performing banks, serves over 9.1 million customers through a mix of digital channels and 255 business offices in Nigeria and the United Kingdom, via its subsidiary FidBank UK Limited.
The bank has won numerous accolades, including the 2024 Excellence in Digital Transformation and MSME Banking Award by BusinessDay BAFI Awards, Most Innovative Mobile Banking Application by Global Business Outlook, and Most Innovative Investment Banking Service Provider by Global Brands Magazine. It was also named Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and Export Financing Bank of the Year by the BusinessDay BAFI Awards.