Fidelity Bank Funds Construction of Nigeria’s First Privately Built Onshore Oil Export Facility in 50 Years

Fidelity Bank Plc has facilitated the construction of Nigeria’s first privately built and operated onshore crude oil export terminal in over 50 years, marking a major milestone in the country’s oil and gas industry. The terminal, located at the Otakikpo Marginal Field in Rivers State and operated by Green Energy International Limited (GEIL), exported its first crude oil cargo at 2:00 p.m. on Sunday, June 8, 2025, with a Shell-chartered vessel lifting the maiden shipment.

The project, funded by Fidelity Bank, is expected to significantly enhance Nigeria’s crude export capacity and reduce dependence on offshore export facilities. With an initial storage capacity of 750,000 barrels — expandable to 3 million — and a daily loading capacity of 360,000 barrels, the terminal is poised to boost energy security and attract further investment into the sector.

Fidelity Bank’s Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, said the bank’s involvement reflects its commitment to supporting indigenous companies and driving economic growth. She emphasized the transformative potential of the project in reinforcing Nigeria’s energy infrastructure and export competitiveness.

GEIL Chairman, Professor Anthony Adegbulugbe, described the development as a historic achievement, crediting divine intervention, regulatory support, and the dedication of the company’s technical team. Constructed in under two years, the facility is the first of its kind developed by a private operator in Africa.

The terminal is designed to handle up to 250,000 barrels per day of crude injection and currently supports production from the Otakikpo field, which yields about 10,000 barrels per day. It also provides a strategic evacuation route for over 40 nearby stranded fields with an estimated 3 billion barrels of oil equivalent, thereby enhancing production and export prospects.

As global demand for African crude continues to rise, the Otakikpo terminal is expected to position Nigeria as a more competitive player in the international energy market.