Fidelity Bank Plc has restated its commitment to financing Nigeria’s indigenous oil and gas operators.
The assurance was given by Dr Nneka Onyeali-Ikpe, the bank’s managing director and chief executive officer, during a first-oil presentation by Emadeb Energy at Fidelity Place, the bank’s corporate head office in Lagos.
At the event, Emadeb Energy’s Group Managing Director and Chief Executive Officer, Adebowale Olujimi, appreciated the bank for its role in the company’s growth.
“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 thoroughly reviewed our proposal, encompassing 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 the milestone and reaffirmed the bank’s support for local players in the 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, 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,” she noted.
Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, a major achievement for the firm.
“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.
