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As part of its efforts towards facilitating the distribution of petroleum products across the country Fidelity Bank Plc, has joined President Muhammadu Buhari and a host of dignitaries to commission the Pinnacle Oil and Gas Terminal in Lekki, Lagos.
The newly commissioned terminal worth over $1billion, was financed by a consortium of Nigerian banks led by Fidelity Bank Plc.
At the well-attended event, President Muhammadu Buhari said the facility would reduce the cost of petroleum products distribution across the country, ease the congestion at the Apapa Ports in Lagos as well as provide hundreds of jobs.
“We provided targeted support to the energy industry by providing an enabling environment, including regulatory facilitation to ensure investment in critical infrastructure. I am happy today that Pinnacle Oil and Gas Ltd leveraged on the opportunities and established this massive terminal facility”, said President Buhari via a video message at the event.
Commenting on Fidelity Bank’s support for the project, its Managing Director/CEO, Mrs. Nneka Onyeali-Ikpe, said, “Energy security and reduction of business operating costs are two challenges we take seriously in Fidelity Bank as we seek ways of helping businesses run profitably.
“With the commissioning of this facility, there would be a marked improvement in the downstream sector of the Nigerian economy around petroleum products distribution and reduction in energy costs for businesses across the country.”