News
Fidelity Bank Reaffirms Support For Indigenous Oil, Gas Development
Fidelity Bank Plc has restated its commitment to advancing Nigeria’s oil and gas industry, with a strong focus on supporting indigenous operators.
This was highlighted by the bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe,OON, during a first oil presentation event for Emadeb Energy at Fidelity Place, the bank’s corporate headquarters in Lagos.
At the event, Emadeb Energy’s Group Managing Director and Chief Executive Officer, Mr. Adebowale Olujimi, expressed appreciation for the bank’s role in enabling the company’s progress.
“What makes Fidelity Bank unique is its willingness to take calculated risks. Many banks prefer to work with companies only after they have achieved first oil because they want already-established customers. Fidelity Bank reviewed our proposal thoroughly, including legal, technical, financial and character assessments. We met these requirements and that is why they supported us,” Olujimi said.
Dr. Onyeali-Ikpe congratulated Emadeb Energy on its milestone and reaffirmed Fidelity Bank’s commitment to strengthening Nigeria’s energy sector.
“At Fidelity Bank, we are dedicated to supporting indigenous companies in developing oil and gas assets that enhance energy security and promote sustainable growth. Our interventions include financing Nigeria’s first privately built and operated onshore crude export terminal in over fifty years at the Otakikpo Marginal Field in Rivers State.
“We also led funding for the Pinnacle Oil and Gas Terminal in Lekki, Lagos, which improves petroleum product distribution and reduces costs. In addition, we part-financed the production of a 23,000-cubic-meter Liquefied Petroleum Gas carrier for Temile Development Company Limited, which supports cleaner energy use and strengthens local maritime participation,” she said.
Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, a milestone regarded as a significant breakthrough in Nigeria’s upstream sector.
“Our next phase will be exciting. We plan to drill two additional wells and increase production to 12,000 barrels per day by the end of 2026. After that, we aim to expand our gas business and raise oil output to 30,000 barrels per day,” Olujimi added.

L – R: Executive Director -South, Mrs. Pamela Shodipo; Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe,OON (both of Fidelity Bank Plc); Group Managing Director/Chief Executive Officer, Mr. Adebowale Olujimi; Group Executive Director, Mrs. Olugbesoye Olujimi (both of Emadeb Energy); Executive Director -Lagos and South West, Fidelity Bank Plc, Dr. Ken Opara; and Group Executive Director, Finance/Strategy, Emadeb Energy, Mr. Tosin Adewuyi; at the First Oil presentation event by Emadeb Energy at the Fidelity Bank headoffice in Lagos recently.
News
Tragedy In Ondo: Gunmen Attack Palace, Traditional Ruler Killed
The Ondo State Police Command has confirmed the assassination of Oba Kehinde Falodun, the traditional ruler of the Agamọ community.
According to command spokesperson DSP Abayomi Jimoh, the monarch was attacked on Wednesday at approximately 7:10 p.m.
Jimoh said the information was received by the division at about 7:50 p.m. from a community leader, High Chief Ajewole Clement of New Town, Itaogbolu,
He said the information indicated that approximately six armed men stormed the residence of the traditional ruler, forcibly took him from his compound, and subsequently fled the scene.
“The victim was later found a few metres away with gunshot wounds. He was confirmed dead at the scene.
“Upon receipt of the report, the Divisional Police Officer (DPO), alongside tactical teams from the command, promptly mobilised officers in collaboration with local security outfits.
“Atuluse Security, local hunters, and Amotekun operatives also assisted to comb adjoining bushes and surrounding areas in a bid to apprehend the perpetrators. Efforts are ongoing to track down and arrest the fleeing suspects.
“Monitoring and surveillance activities have been intensified across the area to ensure the safety of residents and prevent further breakdown of law and order.
“The public are assured that no stone will be left unturned in bringing those responsible for the heinous act to justice,” he said.
According to him, members of the public with credible and actionable information are urged to report to the nearest police station or contact the command.
News
37 Miners Killed By Toxic Gas In Plateau; FG Yet To React
The Federal government has remained silent after reports emerged that carbon monoxide, a poisonous gas, left 37 miners dead and 25 hospitalized at a mining site located in the Zurak Wase Local Government of Plateau State.
This was disclosed in a report by a security journalist, Zagazola Makama, on Wednesday.
Sources told Makama that the incident occurred at the Solid Mining Company early on Feb. 18.
The victims are between 20 and 35 years old and were conducting routine mining operations when they inhaled toxic gas that had accumulated in the poorly ventilated tunnels, the report said.
Makama said, “The site is under strict control, and emergency protocols are being followed to manage the situation,” a source told Makama.
Meanwhile, there is no indication that the Nigerian government nor the Plateau State, and security operatives have reacted to the incident or done anything on the matter.
There are no official statements from both quarters confirming or debunking the incident as of filing this report on Wednesday.
News
Dangote Projects Naira Appreciation To N1,100/$ In 2026
Aliko Dangote, Chairman of the Dangote Group, forecasts that the naira will appreciate to N1,100 per dollar within 2026.
He shared this outlook on Tuesday during the federal government’s unveiling of the National Industrial Policy 2025.
The naira has strengthened in recent weeks, appreciating to N1,335.95 per dollar at the official market and N1,380/$ at the black market on Tuesday.
Commenting on the development, the billionaire businessman said the country has the potential to generate large-scale consumption, industrial growth, and disposable incomes.
“I mean today if you look at it, your excellency, I believe with the policies that you have implemented in government, people now have started seeing the result and manufacturers are very very happy,” Dangote said.
“Today, the dollar is N1,340. Mr. Vice-President, I can assure you with what I know, blocking all this importation and co, naira this year will be as low as N1,100 if we are lucky.
“The only thing is for maybe the government to stop the naira from getting stronger so that they will keep collecting more naira.
“But it’s a catch-22 situation where, now, if the naira gets stronger it means that everything will go down. Everything will go down because we are an import-based country which we shouldn’t be.
“What you should be is to manufacture all the things that we need.”
On February 12, Femi Otedola, the chairman of First HoldCo, expressed optimism that the naira will strengthen meaningfully and will trade below N1,000/$1 before year-end as domestic refining is fully underway.
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