Fidelity Bank Supports Temile Development Company To Boost Nigeria’s Gas Revenues

Temile Development Company Ltd, a key indigenous player in the oil and gas industry, has commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier,  aimed at boosting Nigeria’s domestic gas industry and the generation of gas revenues.

Named ‘Alfred Temile 10’, the vessel was partly financed by Fidelity Bank Plc, and was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea.

Dignitaries at the event included the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPC), Mallam Mele Kyari; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe; 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; Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe; among others.

Commending the company on the laudable development, Mallam Mele Kyari said: “I want to congratulate Mr. Alfred for the great feat you have achieved on behalf of our country and we understand that today clean energy is everything because the whole world is transiting to cleaner fuel. In our country, biomass is the major source of energy, and I know that the efforts we are making collectively and with this effort by Temile Group will enhance that ability to produce cleaner energy in our country.”

Speaking at the event, Dr Onyeali-Ikpe said: “This commissioning is a landmark achievement for Nigeria as the vessel would further support the nation’s drive to utilize cleaner energy sources especially as the world transitions to environmental-friendly energy options. Fidelity Bank is delighted to facilitate this transaction and we congratulate our amiable customer -Mr. Alfred Temile- as well as the good people of Nigeria on this feat.” It was noted that this was the second of its kind being part-financed by the Bank and further underscores its support for the industry.

An elated 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 vessel will bolster the local participation of indigenous maritime players, improve the logistics of LPG supply and increase the availability of LPG for the Nigerian last-mile users. This will contribute to the growth of Nigeria’s domestic gas industry while demonstrating the dedication and increasing capabilities of indigenous Nigerian companies in the oil and gas sector.

It will be recalled that Fidelity Bank Plc also part-financed the development of the recently launched Pinnacle Oil and Gas Terminal in Lagos as part of efforts to improve energy security in the country.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.