The Nigerian Content Development and Monitoring Board (NCDMB) has acquired a 20 per cent equity stake in a 100,000 barrels per day (bpd) refinery project, in collaboration with African Refinery Group Ltd and the Nigerian National Petroleum Company (NNPC) Ltd.
The share purchase agreement, formalised last week, integrates NCDMB as a significant partner in African Refinery Port Harcourt Limited (ARPHL), which is situated within the Port Harcourt Refining Company in Alesa Eleme, Rivers State.
At the signing ceremony held at the NCDMB liaison office in Abuja, the Board’s Executive Secretary, Engr. Felix Omatsola Ogbe, and Mr. Tosin Adebajo, Managing Director of ARPHL, formalised the agreement. Engr. Ogbe noted that this investment—the first under his tenure—had undergone thorough technical, commercial, and regulatory assessments before receiving approval.
The initiative aligns with NCDMB’s Commercial Ventures Investment Policy and is backed by Section 70 (h) of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, which empowers the Board to support local contractors and Nigerian businesses in building their operational capacities.
The refinery project, originally awarded to African Refinery Group in 2016, spans 45 hectares within the Port Harcourt Refinery Complex and operates under a 64-year sub-lease agreement with NNPC.
NCDMB plans to divest its shares by the seventh year from the start of the refinery’s commercial operations, ensuring a structured transition of ownership.
This investment follows NCDMB’s previous 30 per cent stake in Waltersmith Refinery, which reported a profit-after-tax of N23.6 billion in 2023.
By expanding its involvement in refining projects, NCDMB continues to advance Nigeria’s refining capacity, create employment opportunities, and maximise economic benefits in the oil and gas sector.
