The Nigerian Content Development and Monitoring Board (NCDMB) has secured a 20% equity stake in a 100,000 barrels per day (bpd) refinery project in Rivers, which is being developed by African Refinery Group Ltd, in partnership with the Nigerian National Petroleum Company (NNPC Ltd).
This announcement was made via the company’s official X channel (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 ARPHL, Mr. Tosin Adebajo signed the agreement 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)”
The refinery is situated within the Port Harcourt Refining Company Limited, operated by the NNPC Ltd, in Alesa Eleme, Rivers State.
Ogbe explained that the investment is the first to be sealed under his leadership. He noted that the Board carried out thorough technical, commercial and regulatory reviews before approving the deal, in line with its Commercial Ventures Investment Policy.
He added that a strong corporate governance procedure has been put in place to protect the board’s investment and ensure the project’s successful operation.
The deal is part of the Board’s commercial venture programme, supported 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 developing capacity to enhance the oil and gas industry.
More insights
The shares for the African Refinery Port Harcourt Limited project were acquired through the Nigerian Content Intervention Company LTD/GTE, a company owned by NCDMB.
- In March, NCDMB called on major oil and gas stakeholders including the NNPCL to increase local production and use of line pipes in the oil and gas sector, following a report by Nairametrics.
- The NNPC owns a 15% equity investment in the project, following a share subscription agreement signed in 2024.
- In 2016, African Refinery Group won a competitive bid to establish a crude oil refinery within the Port Harcourt Refinery Complex (PHRC). They secured an agreement to build and operate a 100,000bpd refinery on 45 hectares of vacant land within the refinery.
- Other refining investments by NCDMB include 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.
