In a major leap for Nigeria’s oil and gas sector, Fidelity Bank Plc has funded the country’s first privately built onshore crude oil export terminal in over five decades.
The facility, located at the Otakikpo Marginal Field in Rivers State, is operated by Green Energy International Limited (GEIL). The terminal officially began operations on Sunday, June 8, 2025, when a Shell-chartered vessel lifted the maiden crude oil cargo at 2pm.
Speaking on the development, Fidelity Bank’s Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, described the project as a game-changer for Nigeria’s energy future.
“Our partnership with Green Energy International underscores our confidence in the ability of indigenous companies to drive progress in the country’s energy sector,” she said. “Transformative projects like this reflect Fidelity Bank’s deep-rooted mission to help individuals grow, businesses thrive, and economies prosper.”
With an initial storage capacity of 750,000 barrels — expandable to 3 million — and a loading capacity of 360,000 barrels per day, the new terminal is expected to ease pressure on offshore facilities and attract new investment into Nigeria’s oil industry.
GEIL Chairman, Professor Anthony Adegbulugbe, hailed the achievement as “a historic milestone made possible by divine intervention, the hard work of the company’s team, and the support of regulators.”
“This is a proud moment for us, for Africa’s energy industry, and for the future of the country’s oil and gas development,” he added.
Constructed in under two years, the terminal is the first of its kind developed by a private operator on the continent. It can handle up to 250,000 barrels per day of crude injection. Although the Otakikpo field currently produces around 10,000 barrels per day, the facility opens a vital evacuation route for over 40 nearby stranded fields, which collectively hold an estimated 3 billion barrels of oil equivalent.
With global demand for African crude rising, the Otakikpo terminal is set to position Nigeria as a stronger player in the international energy market.
Fidelity Bank, a top-tier financial institution serving over 9.1 million customers, continues to earn recognition for its innovative financial solutions — including recent accolades for excellence in digital transformation, SME banking, and export financing.
