The Nigerian Content Development and Monitoring Board says it has sealed a deal to acquire 20 per cent equity in the new 100,000 barrels per day refinery project being established by the African Refinery Group Limited in Port Harcourt, Rivers State.

The refinery is being established in partnership with the Nigerian National Petroleum Company Limited. It is located within the premises of the government-owned Port Harcourt refinery.

In a statement on Monday, the NCDMB disclosed that the share purchase agreement for the investment was signed on Thursday, and it will make the board “a key partner in the African Refinery Port Harcourt Limited, being co-located with Port Harcourt Refining Company Limited, operated by the NNPC Ltd, in Alesa Eleme, Rivers State.”

It was disclosed that the Executive Secretary of NCDMB, Felix 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 NCDMB boss remarked that the equity investment is the first to be sealed under his leadership.

He confirmed that the board subjected the proposal to rigorous technical, commercial, and regulatory reviews and decision gates, in line with NCDMB’s Commercial Ventures Investment Policy.

“The board has also instituted a robust corporate governance procedure that will safeguard its investment and ensure optimal performance of the refinery project.

“The deal is part of the board’s commercial venture programme, which is supported by section 70 (h) of the NOGICD Act, where NCDMB is charged to assist local contractors and Nigerian companies to develop their capabilities and capacities in furtherance of Nigerian content development in the oil and gas industry,” Ogbe said.




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