In a major boost to Nigeria’s crude oil production and export capabilities, leading financial institution Fidelity Bank Plc has funded the development of the country’s first privately built and operated onshore crude oil export terminal in more than five decades.
Located at the Otakikpo Marginal Field in Rivers State and operated by Green Energy International Limited (GEIL), the terminal achieved a historic milestone on Sunday, June 8, 2025, when a Shell-chartered vessel lifted its maiden crude cargo at 2:00 PM — marking a new chapter in Nigeria’s energy industry.
Commenting on the bank’s role in the groundbreaking project, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, stated: “Our partnership with Green Energy International reflects our unwavering confidence in the capacity of indigenous companies to drive growth in the energy sector.
With an initial storage capacity of 750,000 barrels — expandable to 3 million barrels — and a daily loading capacity of 360,000 barrels, this facility is a game-changer for Nigeria’s energy security. Projects like this embody Fidelity Bank’s mission to empower individuals, enable businesses, and support national prosperity.”
The terminal's commissioning is expected to reduce dependence on offshore loading infrastructure, improve oil evacuation efficiency, and attract significant investment into Nigeria’s oil and gas value chain.
GEIL Chairman, Prof. Anthony Adegbulugbe, hailed the achievement as a historic breakthrough enabled by strategic partnerships, regulatory support, and the resilience of local expertise.
“This is a proud moment not only for Green Energy but also for Nigeria and Africa’s energy future. We appreciate the efforts of our partners and the commitment of our indigenous technical team, who made this vision a reality.”
Constructed in less than two years, the Otakikpo terminal is the first crude oil terminal developed by a private operator on the African continent. It is designed to handle up to 250,000 barrels per day of crude injection, while Otakikpo currently produces about 10,000 barrels per day.
Importantly, the terminal provides a strategic evacuation route for more than 40 stranded fields in the region, collectively estimated to contain over 3 billion barrels of oil equivalent, unlocking significant production and export potential.
As global demand for African crude continues to rise, the Otakikpo terminal is poised to enhance Nigeria’s competitiveness and attract fresh foreign direct investment into the oil and gas sector.