Advancing Nigeria’s Oil And Gas Industry

Fidelity Bank Pledges Support For Indigenous Oil And Gas Development

With strong focus on supporting Nigeria's indigenous operators in the oil and gas industry leading financial institution Fidelity Bank Plc has pledged commitment to advancing the nation's oil and gas sector.

Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved its first oil from the Ibom Field, a milestone regarded as a significant breakthrough in Nigeria’s upstream sector.

Managing Director Chief Executive Officer Fidelity Bank Plc Dr. Onyeali-Ikpe congratulated Emadeb Energy on its milestone and reaffirmed Fidelity 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, 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,".

               

L – R: Executive Director -South, Mrs. Pamela Shodipo; Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe,OON (both of Fidelity Bank Plc); Group Managing Director/Chief Executive Officer, Emadeb Energy, Mr. Adebowale Olujimi; Group Executive Director, Mrs. Olugbesoye Olujimi (both of Emadeb Energy); Executive Director -Lagos and South West, Fidelity Bank Plc, Dr. Ken Opara; and Group Executive Director, Finance/Strategy, Emadeb Energy, Mr. Tosin Adewuyi; at the First Oil presentation event by Emadeb Energy held recently at the Fidelity Bank head office in Lagos.

The Managing Director and Chief Executive Officer Emadeb Energy; Adebowale Olujimi, expressed appreciation to the bank for its role in the energy 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”.

Olujimi added that the next phase would be exciting as Emadeb Energy plans to drill two additional wells as well increase production to 12,000 barrels per day by the end of 2026. After which the energy company aims to expand its gas business and raise oil output to 30,000 barrels per day,”.