Fidelity Bank Backs Nigeria’s First Privately Built Onshore Oil Export Terminal in 50 Years

Vanessa June 17, 2025

Fidelity Bank Plc has supported the development of Nigeria’s first privately constructed onshore crude export terminal in more than five decades. This bold step is expected to improve the country’s crude oil export capacity and attract major investment into the energy sector.

The terminal, built by Green Energy International Limited (GEIL), is located at the Otakikpo Marginal Field in Rivers State. On Sunday, June 8, 2025, a Shell-chartered vessel lifted the facility’s first crude shipment — marking a major milestone in Nigeria’s oil industry.

Dr. Nneka Onyeali-Ikpe, CEO of Fidelity Bank, highlighted the bank’s commitment to local innovation and energy growth.

“This project reflects our belief in Nigerian businesses to transform the energy space,” she said.

The terminal offers 750,000 barrels of storage, with plans to scale up to 3 million barrels. It can load up to 360,000 barrels per day, easing pressure on offshore terminals and encouraging new investment.

Prof. Anthony Adegbulugbe, GEIL chairman, called the terminal a historic success.

“We owe this to our team’s dedication, regulatory support, and divine grace,” he stated.

Built in less than two years, the terminal injects up to 250,000 barrels daily. GEIL says it will also serve over 40 nearby stranded fields, which hold an estimated 3 billion barrels of oil equivalent. This will enhance national output and open new export routes.

With global demand for crude oil rising, the Otakikpo terminal is well-positioned to drive investment and strengthen Nigeria’s presence in the global energy market.