The Nigerian Content Development and Monitoring Board (NCDMB) has sealed a deal to acquire 20 per cent 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 share purchase agreement for the investment was signed at the weekend, and is to make NCDMB a key partner in the African Refinery Port Harcourt Limited (ARPHL), being co-located with Port Harcourt Refining Company Limited, operated by the NNPC Ltd, in AlesaEleme, Rivers State.
The agreement was signed by Executive Secretary of NCDMB, Felix Omatsola Ogbe, at the Board’s liaison office in Abuja, while the Managing Director, African Refinery Port Harcourt Limited, 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 through rigorous technical, commercial and regulatory reviews and decision gates, in line with NCDMB’s Commercial Ventures Investment Policy.
