In a major increase to Nigeria’s crude oil manufacturing and export capabilities, main {financial} establishment Fidelity Bank Plc has facilitated the development of the nation’s first privately constructed and operated onshore crude export terminal in over 50 years.
The terminal, positioned on the Otakikpo Marginal Discipline in Rivers State and operated by Inexperienced Vitality Worldwide Restricted (GEIL), efficiently exported its first crude oil cargo at 2pm on Sunday, June 8, 2025, when a Shell-chartered vessel lifted the maiden cargo — marking a key milestone within the nation’s oil and fuel trade.
Commenting on Fidelity Bank’s function in making the challenge a actuality, Managing Director/CEO Dr. Nneka Onyeali-Ikpe mentioned: “Our partnership with Inexperienced Vitality Worldwide underscores our confidence within the capability of indigenous firms to drive progress within the nation’s power sector.
“With an preliminary storage capability of 750,000 barrels — expandable to three million — and a loading capability of 360,000 barrels per day, this terminal will considerably increase Nigeria’s power safety. Transformative tasks like this replicate Fidelity Bank’s deep-rooted mission to assist people to develop, companies to thrive and economies to prosper.”
The launch of the terminal is anticipated to ease reliance on offshore amenities and appeal to recent funding into the nation’s oil trade.
GEIL’s chairman, Prof. Anthony Adegbulugbe, described the feat as a historic milestone made attainable by divine intervention, the onerous work of the corporate’s group, and the assist of regulators.
“We recognize all our companions and the dedication of our indigenous technical group who made this occur. It’s a proud second for us, for Africa’s power trade, and for the way forward for the nation’s oil and fuel improvement.”
Based on Prof. Adegbulugbe, the terminal was constructed in below two years and stands as the primary crude terminal developed by a non-public operator on the continent.
The terminal is designed to deal with as much as 250,000 barrels per day of crude injection, whereas the Otakikpo discipline presently produces about 10,000 barrels per day. The corporate defined that the terminal additionally supplies a strategic evacuation route for greater than 40 close by stranded fields — collectively holding an estimated 3 billion barrels of oil equal — thereby strengthening manufacturing and export capabilities.
With rising world demand for Africa’s crude oil, the Otakikpo terminal is poised to draw additional funding and reinforce Nigeria’s function within the worldwide power market. The ability might be key to bettering oil evacuation and boosting manufacturing consistent with the nation’s long-term power objectives.
Ranked among the many greatest banks in Nigeria, Fidelity Bank Plc is a full-fledged Industrial Deposit Cash {Bank} serving over 9.1 million prospects via digital banking channels, its 255 enterprise places of work in Nigeria and United Kingdom subsidiary, FidBank UK Restricted.
The {Bank} is the recipient of a number of native and worldwide Awards, together with the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and {Financial} Establishments (BAFI) Awards; the 2024 Most Revolutionary Cell Banking Utility award for its Constancy Cell App by World Enterprise Outlook, and the 2024 Most Revolutionary Funding Banking Service Supplier award by World Manufacturers Journal. Moreover, the {Bank} was acknowledged because the Greatest {Bank} for SMEs in Nigeria by the Euromoney Awards for Excellence and because the Export Financing {Bank} of the Yr by the BusinessDay Banks and {Financial} Establishments (BAFI) Awards.
