In a major step forward for Nigeria’s oil sector, Fidelity Bank has helped fund the construction of the country’s first privately owned onshore crude oil export terminal in more than 50 years.
This new terminal is located at the Otakikpo Marginal Field in Rivers State and is managed by Green Energy International Limited (GEIL). The facility made its first shipment on Sunday, June 8, 2025, using a Shell-chartered vessel, a historic moment for Nigeria’s energy industry.
Speaking on the bank’s involvement, Fidelity Bank CEO Dr. Nneka Onyeali-Ikpe highlighted the importance of supporting local companies in the energy sector. She stated that the project shows how local businesses can drive real change in Nigeria’s oil and gas industry.
The terminal currently has a storage capacity of 750,000 barrels, which can be increased to 3 million barrels. It also has the ability to load up to 360,000 barrels per day. This development will help reduce Nigeria’s dependence on offshore oil terminals and is expected to bring more investment into the country’s oil sector.
Professor Anthony Adegbulugbe, chairman of GEIL, described the terminal as a groundbreaking achievement. He praised his team, regulators, and partners for their efforts and said it was a proud moment for Nigeria and Africa’s energy industry.
He also revealed that the project was completed in under two years, making it the first of its kind on the continent to be built by a private company.
The terminal can process up to 250,000 barrels of crude oil per day. Currently, the Otakikpo field is producing around 10,000 barrels daily. However, the facility can also serve as an export route for over 40 nearby oil fields, which together hold an estimated 3 billion barrels of oil equivalent.
With rising global demand for African crude oil, the new terminal is expected to draw more investment and strengthen Nigeria’s position in the global energy market. It also supports the country’s long-term plans to increase oil production and improve crude transportation.
Fidelity Bank is recognized as one of Nigeria’s top banks, serving over 9.1 million customers through its digital services, branches, and its UK-based subsidiary, FidBank UK. The bank has received several awards, including honors for digital transformation, mobile banking, SME support, and export financing, showing its commitment to helping the Nigerian economy grow.
