Home Business Fidelity Bank supports Temile Development Company to boost Nigeria’s Gas Revenues

Fidelity Bank supports Temile Development Company to boost Nigeria’s Gas Revenues

by Akeem Adeyemi
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Fidelity Bank supports Temile Development Company to boost Nigeria’s Gas Revenues

In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Ltd – a key indigenous player in the oil and gas industry- recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier.

Named ‘Alfred Temile 10’, the vessel was part-financed by a leading Nigerian bank – Fidelity Bank Plc – and was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea.

The commissioning was witnessed by the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPC), Mallam Mele Kyari, OFR; Managing Director/Chief Executive Officer, 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; Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe; amongst 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 transitioning 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.”

On her part, Dr Nneka Onyeali-Ikpe, OON 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 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 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.

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