The Nigerian Content Development and Monitoring Board has acquired a 20% equity stake in a 100,000 barrels per day refinery project in Rivers State.
The project is being developed by African Refinery Group Ltd in collaboration with the Nigerian National Petroleum Company Ltd.
This was disclosed by NCDMB via its official X account (formerly Twitter).
The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, signed the agreement at the Board’s liaison office in Abuja, while the Managing Director of African Refinery Port Harcourt Limited, Mr. Tosin Adebajo, signed on behalf of the company.
“The Nigerian Content Development and Monitoring Board (NCDMB) has sealed a deal to acquire 20% equity in a 100,000 barrels per day (bpd) refinery project being established by African Refinery Group Ltd, in partnership with the Nigerian National Petroleum Company (NNPC Ltd),” it stated.
Ogbe stated that this investment is the first under his leadership. He emphasized that the Board conducted thorough technical, commercial, and regulatory reviews before approving the deal, in line with its Commercial Ventures Investment Policy.
He also noted that strong corporate governance measures have been implemented to safeguard the Board’s investment and ensure the project’s success.
The deal is part of the Board’s commercial venture program, backed by Section 70(h) of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, which mandates NCDMB to support local contractors and Nigerian companies in building capacity to strengthen the oil and gas industry.
The shares in the African Refinery Port Harcourt Limited project were acquired through the Nigerian Content Intervention Company LTD/GTE, a subsidiary of NCDMB.
The refinery is located within the Port Harcourt Refining Company Limited, operated by NNPC Ltd, in Alesa Eleme, Rivers State.
Recall, NCDMB in March, urged major oil and gas stakeholders, including NNPC Ltd, to boost local production and utilization of line pipes in the sector.
