A renewed push to strengthen local participation in Nigeria’s energy industry took center stage at Fidelity Bank Plc’s corporate headquarters in Lagos, where the institution reaffirmed its long-standing support for homegrown operators in the upstream sector. The occasion was a first-oil presentation by Emadeb Energy, a milestone that both organizations described as a testament to collaboration, resilience, and strategic investment.
During the engagement, Emadeb Energy’s Group Managing Director and CEO, Adebowale Olujimi, underscored the critical role the bank played in the company’s journey toward achieving first oil from the Ibom Field under Petroleum Prospecting License (PPL) 236. He noted that Fidelity Bank distinguished itself by backing the company at a stage when many lenders would rather wait for established production.
According to him, “What sets Fidelity Bank apart is its readiness to take calculated risks. While many financial institutions prefer to come onboard only after first oil, Fidelity thoroughly evaluated our proposal—legally, technically, financially, and even character-wise. We passed those assessments, and that is why they supported us.”
In her remarks, Fidelity Bank’s Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, OON, congratulated Emadeb Energy on the achievement and emphasized that fostering indigenous capacity in the oil and gas sector remains a strategic priority for the bank. She highlighted several major interventions that underscore Fidelity’s sector commitments, including financing Nigeria’s first privately built and operated onshore crude export terminal in over five decades at the Otakikpo Marginal Field in Rivers State.
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| L-R: Mrs. Pamela Shodipo, executive director -South; Dr. Nneka Onyeali-Ikpe, managing director/CEO, (both of Fidelity Bank Plc); Adebowale Olujimi, group managing director/CEO; Mrs. Olugbesoye Olujimi, group executive director, (both of Emadeb Energy); Dr. Ken Opara, executive director -Lagos and South West, Fidelity Bank Plc, and Tosin Adewuyi, group executive director, Finance/Strategy, Emadeb Energy, at the First Oil presentation event by Emadeb Energy at the Fidelity Bank head office in Lagos. |
For Emadeb Energy, achieving first oil is only the beginning. Olujimi disclosed an ambitious expansion plan aimed at scaling production and diversifying into gas development. “Our next phase will be exciting,” he said. “We intend to drill two additional wells and raise output to 12,000 barrels per day by the end of 2026. Beyond that, we aim to grow our gas business and push production to 30,000 barrels per day.”
The milestone not only strengthens Emadeb’s position in the upstream landscape but also aligns with broader national goals of increasing domestic participation, boosting output, and enhancing energy security. Fidelity Bank’s pledge to remain a dependable financial partner suggests that more indigenous-led breakthroughs may be on the horizon.