MIDOil Refining and Petrochemicals Company Limited has concluded plans to commence the construction of a 100,000 barrels per day modular refinery at Sekungba/Ejinrin, Ikosi/Ejinrin Local Council Development Area of Lagos State.
This was disclosed by the Executive Chairman of MIDOil, Mrs Elizabeth-Omolara Akintonde, during the unveiling of a three-in-one investment opportunity recently.
According to Akintonde, the desire to set up a refinery was conceived over a decade ago with an official of the then Nigerian National Petroleum Corporation, Hajiya Amina Abdullahi.
She said “As a marketer of refined petroleum products since 1984, I saw the need to contribute to the growth of our dear country, Nigeria, and Hajiya Amina Abdullahi agreed. This gave birth to the present move to establish a modular refinery in Lagos State.”
Akintonde said the refining company was registered on April 12, 2012.
Amintonde pointed out that a large expanse of land was acquired from the administration of former Governor Babatunde Fashola, noting that the land allocation letter was received from the Lagos State Government on April 24, 2014.
“Subsequently, on January 24, 2017, we have approved the licenses to establish by the then Department of Petroleum Resources,” she remarked.
In her speech, on why the project was delayed, she said “It has taken MIDOil 10 years to secure interested investors that are willing to invest in Nigeria and in our project. But to the glory of God Almighty, we now have three consortiums of investors willing to invest $5bn with us.
“The sourcing of the investment from overseas and the required licenses from the agencies of the Nigerian government, like the Nigerian Upstream Petroleum Regulatory Commission, the Federal and State Ministries of Environment, the state Ministry of Waterways, the Nigerian Navy, and the police, have been the major reasons for the delay.”
According to Akintonde, July 12 has been scheduled for the launching of the proposed modular refinery, stating that this would include the establishment of MIDOil Filling Stations nationwide.
When completed, the 100,000 barrels per day refinery will be the second in Lagos after the Dangote oil refinery.
