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Fidelity Bank’s Support of Temile Development Company to Boost Nigeria’s Gas Revenues
Fidelity Bank’s Support of Temile Development Company to Boost Nigeria’s Gas Revenues
NewsReport gathered that in a significant stride towards advancing Nigeria’s domestic gas industry and bolstering gas revenues, Temile Development Company Ltd., a prominent indigenous player in the oil and gas sector, recently unveiled a state-of-the-art 23,000-cubic-meter ultramodern liquefied petroleum gas (LPG) carrier. This vessel, named ‘Alfred Temile 10’, was part-financed by Fidelity Bank Plc, a leading Nigerian bank, and was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea.
The event witnessed the presence of esteemed dignitaries, including the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd. (NNPC), Mallam Mele Kyari, OFR; Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON; Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Luke Ekpo; the Charge D’Affairs Ad Interim of the Embassy of Nigeria in South Korea, Ambassador Ferdinand Nwonye; and Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, among others.
Mallam Mele Kyari, while commending the company on this laudable achievement, expressed his congratulations and emphasized the global transition towards cleaner fuel. He highlighted the significance of clean energy and its potential to enhance Nigeria’s ability to produce cleaner energy, especially in the context of the country’s reliance on biomass as a major energy source.
Dr. Nneka Onyeali-Ikpe, OON, from Fidelity Bank, also lauded the commissioning as a landmark achievement for Nigeria, emphasizing the vessel’s role in supporting the nation’s drive to utilize cleaner energy sources. She expressed the bank’s delight in facilitating this transaction and extended congratulations to Mr. Alfred Temile and the people of Nigeria on this remarkable feat. It was noted that this was the second such initiative partly financed by the bank, highlighting its continued support for the industry.
Mr. Alfred Temile, the CEO of Temile Development Company, expressed heartfelt appreciation for the collaboration and strong support received from NNPC Ltd. and other stakeholders throughout the project’s journey.
The newly commissioned vessel is poised to bolster the local participation of indigenous maritime players, improve the logistics of LPG supply, and increase the availability of LPG for Nigerian last-mile users. This development is expected to contribute significantly to the growth of Nigeria’s domestic gas industry while showcasing the increasing capabilities of indigenous Nigerian companies in the oil and gas sector.
It is worth noting that Fidelity Bank Plc also played a significant role in part-financing the development of the recently launched Pinnacle Oil and Gas Terminal in Lagos as part of efforts to enhance energy security in the country.
Fidelity Bank, ranked as one of the best banks in Nigeria, is a full-fledged commercial bank serving over 8 million customers across its 251 business offices in Nigeria and the United Kingdom, as well as through digital banking channels. The bank has garnered multiple local and international awards, including Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. Additionally, it has been recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and as the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Fidelity Bank’s support of Temile Development Company’s initiative not only underscores its commitment to fostering the growth and development of the oil and gas sector but also highlights its dedication to driving innovation and sustainable progress within Nigeria’s energy landscape. This strategic collaboration serves as a testament to the potential for impactful partnerships between financial institutions and key industry players to drive positive change and economic growth in the country.