NCDMB secures 20% fairness in 100,000bpd refinery venture in Rivers 

The Nigerian Content material Growth and Monitoring Board (NCDMB) has secured a 20% fairness stake in a 100,000 barrels per day (bpd) refinery venture in Rivers, which is being developed by African Refinery Group Ltd, in partnership with the Nigerian Nationwide Petroleum Firm (NNPC Ltd).

This announcement was made through the corporate’s official X channel (previously Twitter).

The Govt Secretary of NCDMB, Engr. Felix Omatsola Ogbe signed the settlement on the Board’s liaison workplace in Abuja, whereas the Managing Director of ARPHL, Mr. Tosin Adebajo signed the settlement on behalf of the corporate.

“The Nigerian Content material Growth and Monitoring Board (NCDMB) has sealed a deal to accumulate 20% fairness in a 100,000 barrels per day (bpd) refinery venture being established by African Refinery Group Ltd, in partnership with the Nigerian Nationwide Petroleum Firm (NNPC Ltd)” 

The refinery is located throughout the Port Harcourt Refining Firm Restricted, operated by the NNPC Ltd, in Alesa Eleme, Rivers State.

Ogbe defined that the funding is the primary to be sealed below his management. He famous that the Board carried out thorough technical, business and regulatory critiques earlier than approving the deal, consistent with its Industrial Ventures Funding Coverage.

He added {that a} sturdy company governance process has been put in place to guard the board’s funding and make sure the venture’s profitable operation.

The deal is a part of the Board’s business enterprise programme, supported by part 70 (h) of the Nigerian Oil and Gasoline Business Content material Growth (NOGICD) Act which mandates NCDMB to help native contractors and Nigerian corporations in growing capability to boost the oil and gasoline business.

Extra insights 

The shares for the African Refinery Port Harcourt Restricted venture have been acquired via the Nigerian Content material Intervention Firm LTD/GTE, an organization owned by NCDMB.

• In March, NCDMB known as on main oil and gasoline stakeholders together with the NNPCL to extend native manufacturing and use of line pipes within the oil and gasoline sector, following a report by Nairametrics.
• The NNPC owns a 15% fairness funding within the venture, following a share subscription settlement signed in 2024.
• In 2016, African Refinery Group gained a aggressive bid to determine a crude oil refinery throughout the Port Harcourt Refinery Complicated (PHRC). They secured an settlement to construct and function a 100,000bpd refinery on 45 hectares of vacant land throughout the refinery.
•  Different refining investments by NCDMB embody Waltersmith’s 5,000 bpd modular refinery in Ibigwe, Imo State; Azikel Group’s 12,000 bpd hydro-skimming modular refinery in Gbarain, Yenagoa, Bayelsa State; and Duport Midstream’s 2,500 bpd modular refinery in Egbokor, Edo State.