In a landmark development for Nigeria’s oil and gas sector, a new privately owned and operated onshore crude oil export terminal has begun operations at the Otakikpo Marginal Field in Rivers State — the first of its kind in more than five decades. The terminal, developed by Green Energy International Limited (GEIL) and financially supported by Fidelity Bank Plc, marks a pivotal shift in the nation’s energy infrastructure and export capacity.
The terminal’s inaugural crude shipment was lifted at 2:00 p.m. on Sunday, June 8, 2025, via a Shell-chartered vessel, marking a new chapter in the country’s drive toward energy self-sufficiency and infrastructural modernization.
With an initial capacity to store 750,000 barrels of crude — scalable to 3 million barrels — and a loading rate of 360,000 barrels per day, the terminal promises to reduce Nigeria’s reliance on offshore export facilities. It also offers an efficient evacuation alternative for over 40 stranded oil fields in the region, collectively estimated to hold more than 3 billion barrels of oil equivalent.
Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank Plc, emphasized the bank’s strategic vision in financing the project:
“Our partnership with Green Energy International underscores our confidence in the ability of indigenous companies to drive progress in the country’s energy sector. Transformative projects like this reflect Fidelity Bank’s deep-rooted mission to help individuals grow, businesses thrive, and economies prosper.”
She added that the project aligns with Nigeria’s broader energy security goals, positioning the country to benefit from increased investment and production efficiency.
The terminal — constructed in under two years — is a testament to the growing capability of indigenous technical teams and private-sector innovation within Africa’s energy space. GEIL’s chairman, Professor Anthony Adegbulugbe, hailed the achievement as historic, attributing its success to teamwork, regulatory support, and strong faith.
“It’s a proud moment for us, for Africa’s energy industry, and for the future of the country’s oil and gas development,” he said.
Although the Otakikpo field currently produces around 10,000 barrels per day, the terminal has the capacity to accommodate a significantly higher volume, providing a scalable foundation for Nigeria’s long-term energy expansion goals. Its strategic location and operational flexibility are expected to attract substantial foreign and domestic investment, reinforcing Nigeria’s position in the global energy market.
Fidelity Bank’s involvement in this milestone project is consistent with its reputation as a leading financial institution committed to supporting national development and economic growth. Serving over 9.1 million customers across Nigeria and the UK, the bank continues to distinguish itself through its digital banking solutions and support for micro, small, and medium enterprises (MSMEs).
Recognized both locally and internationally, Fidelity Bank has received several recent accolades, including the 2024 Excellence in Digital Transformation & MSME Banking Award by the BusinessDay BAFI Awards, the Most Innovative Mobile Banking Application award from Global Business Outlook, and Export Financing Bank of the Year.
As Nigeria seeks to unlock greater value from its natural resources, the successful launch of the Otakikpo terminal signals a new era of private-sector-led innovation in the oil and gas industry — with Fidelity Bank playing a catalytic role in powering the nation’s energy ambitions.