The Project Finance Magazine, a publication of Euromoney Plc, United Kingdom, has adjudged Fidelity Bank Plc the winner of The African Oil & Gas Deal of the Year 2012.
According to a statement by the bank on Friday, the award recognises achievement and excellence in getting projects built, bought or refinanced.
Fidelity, alongside Guarantee Trust Bank Plc, Diamond Bank Plc, Zenith Bank Plc and other international banks and legal firms, won the award with the $1.5bn syndicated financing for the 2012 drilling programme of the Nigerian National Petroleum Corporation/ExxonMobil Joint Venture through their Special Purpose Vehicle, RDP Funding Limited.
This, the organisers said, was the most interesting financing to emerge not only from Nigeria, but also from the African upstream sector.
"The $1.5bn deal builds on the JVs earlier receivables-based deals, including the $600m satellite field financing, which closed in 2005 and backed the development of live specified fields, and the $1.42NGLII refinancing, which closed in January 2011," the statement said.
Receiving the award, the Managing Director and Chief Executive Officer, Fidelity Bank Plc, Mr. Reginald Ihejiahi, said it further demonstrated the bank's commitment to the development of the Nigerian economy.
Ihejiahi, who was represented by the General Manager, Operations, Fidelity Bank, Mr. Sam Obijiaku, said the bank had enhanced market competitiveness through improved infrastructure, quality service delivery system and increased nationwide spread.
He explained that Fidelity Bank had garnered a great deal of experience from its past involvements in Oil and Gas contract finance and promised to deploy this wealth of experience in the development of the local economy.
