The Nigerian Content Development and Monitoring Board (NCDMB) has acquired 20 per cent equity in a 100,000 barrels per day (bpd) refinery project being established by African Refinery Group Limited (ARPHL) in partnership with the Nigerian National Petroleum Company (NNPC) Limited.
NCDMB announced the deal in a statement by its corporate communications department.
It said the share purchase agreement for the investment will make NCDMB a key partner in ARPHL, being co-located with Port Harcourt Refining Company Limited, operated by NNPC at Alesa Eleme, Rivers State.
According to the statement, Executive Secretary of NCDMB, Mr. Felix Ogbe, signed the agreement at the board’s liaison office in Abuja, while Managing Director, African Refinery Port Harcourt Limited, Mr. Tosin Adebajo, signed on behalf of the company.
Ogbe stated that the equity investment was the first to be sealed under his leadership, adding 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,” he added.
Ogbe further noted that the deal was part of the board’s commercial venture programme, supported by Section 70 (h) of the NOGICD Act, which says NCDMB is 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.
The statement added, “The Board’s commercial venture investments are also geared to catalyse Federal Government’s strategic policies, provide job creation opportunities in the construction and operation phases, and add value to the nation’s hydrocarbon resources.
“The shares for the African Refinery Port Harcourt Limited project were purchased under the Nigerian Content Intervention Company LTD/GTE, a company limited by guarantee, and wholly owned by the NCDMB.”
NCDMB said details of the investment indicate that the NNPC Ltd holds a 15 per cent equity investment in the refinery project, having executed a share subscription agreement in 2024.
According to the investment plan, NCDMB will divest from the refinery at the end of the seventh year, counting from the commercial operations date.
