In a significant boost to Nigeria’s crude oil production and export capabilities, leading financial institution Fidelity Bank Plc has facilitated the construction of the country’s first privately built and operated onshore crude export terminal in over 50 years.

The terminal, located at the Otakikpo Marginal Field in Rivers State and operated by Green Energy International Limited (GEIL), successfully exported its first crude oil cargo at 2pm on Sunday, June 8, 2025, when a Shell-chartered vessel lifted the maiden shipment — marking a key milestone in the nation’s oil and gas industry.

Commenting on Fidelity Bank’s role in making the project a reality, Managing Director/CEO Dr. Nneka Onyeali-Ikpe said: “Our partnership with Green Energy International underscores our confidence in the ability of indigenous companies to drive progress in the country’s energy sector.

“With an initial storage capacity of 750,000 barrels — expandable to 3 million — and a loading capacity of 360,000 barrels per day, this terminal will significantly boost Nigeria’s energy security. Transformative projects like this reflect Fidelity Bank’s deep-rooted mission to help individuals to grow, businesses to thrive and economies to prosper.”

The launch of the terminal is expected to ease reliance on offshore facilities and attract fresh investment into the country’s oil industry.

GEIL’s chairman, Prof. Anthony Adegbulugbe, described the feat as a historic milestone made possible by divine intervention, the hard work of the company’s team, and the support of regulators.

“We appreciate all our partners and the dedication of our indigenous technical team who made this happen. It’s a proud moment for us, for Africa’s energy industry, and for the future of the country’s oil and gas development.”

According to Prof. Adegbulugbe, the terminal was constructed in under two years and stands as the first crude terminal developed by a private operator on the continent.

The terminal is designed to handle up to 250,000 barrels per day of crude injection, while the Otakikpo field currently produces about 10,000 barrels per day. The company explained that the terminal also provides a strategic evacuation route for more than 40 nearby stranded fields — collectively holding an estimated 3 billion barrels of oil equivalent — thereby strengthening production and export capabilities.

With growing global demand for Africa’s crude oil, the Otakikpo terminal is poised to attract further investment and reinforce Nigeria’s role in the international energy market. The facility will be key to improving oil evacuation and boosting production in line with the country’s long-term energy goals.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently. 

Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI). His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.
Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.” He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.
“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”
Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.
He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.
“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”
Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.
“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”
In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.
Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor. “As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”
Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”
As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM). Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.

Lagos, Nigeria – Nigeria’s most forward-looking financial institution, Sterling Bank, has announced an over ₦2bn commitment for fully-funded private university scholarships for young
Nigerians. Unveiled on Democracy Day, the initiative titled Beyond Education, represents a decisive step towards building the country’s future leaders by dismantling the barriers that keep millions of Nigerians from accessing quality, future-focused learning.

This is one of the largest private sector investments ever made in a single Nigerian tertiary institution. It extends Sterling’s longstanding commitment to the HEART sectors: Health, Education, Agriculture, Renewable Energy, and Transportation.

The bank has deployed over half a
trillion naira in financing and development programs across these critical areas.
“Progress is not a spectator sport,” said Abubakar Suleiman, Chief Executive of Sterling Bank. “While others talk about Nigeria’s potential, we are actively investing in it. These scholarships are direct investments in the architects of our future. We are funding the education of future leaders
who will build the companies, systems, institutions and solutions Nigeria needs to thrive.”

The Sterling Beyond Education program will fully sponsor 600 students to study high-impact fields such as Technology, Finance, Sales, and Public Health. It is open to young Nigerians from all 36 states and the FCT, with a merit-based and inclusive admissions process.

Candidates can nominate themselves or be nominated by others, and final selection will be determined through a public voting process open exclusively to Sterling account holders.

“This is what inclusive investment looks like,” said Obinna Ukachukwu, Growth Executive leading the Retail & Consumer Banking Directorate at Sterling Bank. “This initiative goes beyond access to education, it’s access to a future. Education remains the most valuable asset anyone can have, and we’re proud to stand behind young Nigerians as they claim it.”

The pilot program is in partnership with Miva University, founded by renowned tech entrepreneur, Sim Shagaya. Fully accredited by the National Universities Commission, Miva is redefining higher education in Africa with scalable, affordable, and flexible programs tailored to the demands of the
digital economy.

The program also reflects Sterling’s advocacy for organisations to shift from short-term
philanthropy to long-term ecosystem development. With deep investments in digitised healthcare, school financing, agricultural cooperatives, solar energy, and low-cost transport systems, Sterling is building pathways to inclusive prosperity.

“We’re moving beyond charity,” Suleiman said. “This is about building systems that last and it is much bigger than hundreds of scholarships. It’s about the future those brilliant young minds will build for our country.”

Nominations are now open at www.sterling.ng/FUTURE. As Africa’s youth population continues to grow, initiatives like Beyond Education may point to a new blueprint for private sector leadership,
one where impact is measured not just in profit, but in people empowered.

About Sterling Bank
Sterling Bank is a leading Nigerian commercial bank and one of Africa’s most progressive financial institutions,
widely recognised for its bold approach to customer advocacy and ethical banking.

From eliminating local transfer fees through its OneBank platform to championing inclusive access to capital, the bank has
consistently led with impact. Renowned for its HEART of Sterling strategy, which focuses major investments into the Healthcare, Education, Agriculture, Renewable Energy, and Transportation sectors of the Nigerian
economy, Sterling continues to build innovative solutions that go beyond banking to enable dignity, mobility, and opportunity for millions of Nigerians. Explore Sterling Bank offerings at sterling.ng.
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