5 Things To Know About 2nd Richest Man in Nigeria's New Refinery
- BUA Group Chairman Abdul Samad Rabiu is behind a planned 200,000-barrel-per-day refinery in Akwa Ibom State
- The project was initially expected to begin operations in 2024, but that target was missed
- BUA management also rejected reports claiming the facility was 90% complete, stating that construction work was still ongoing
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s refining industry is attracting significant investment as local companies seek to increase domestic petroleum production and reduce dependence on imported fuel.
Among the major projects is the BUA Refinery and Petrochemicals Limited, backed by billionaire industrialist Abdul Samad Rabiu, chairman of BUA Group.
Source: Getty Images
The refinery is designed to process 200,000 barrels of crude oil daily and produce fuels and petrochemicals for Nigerian and regional markets.
Here are five things to know about the refinery.
1. Abdul Samad Rabiu is behind the project
BUA Refinery and Petrochemicals Limited is part of BUA Group, the conglomerate founded by Abdul Samad Rabiu.
The businessman has built his fortune through investments in cement, food processing and other industries. The refinery represents the group's expansion into the oil and gas sector, Proshare reports.
Rabiu is frequently ranked among Nigeria's wealthiest individuals, although his precise position depends on the publication and date of the wealth ranking.
2. The refinery has a planned capacity of 200,000 barrels daily
The proposed facility is designed to process up to 200,000 barrels of crude oil per day.
According to technology provider Axens, the integrated project is expected to produce petrol, diesel and jet fuel meeting Euro V specifications, alongside propylene for manufacturing polypropylene used in plastics and packaging.
If it reaches its planned capacity, the refinery could become a significant contributor to Nigeria's domestic petroleum supply.
3. It is located in Akwa Ibom State
The refinery project is planned for Akwa Ibom State in southern Nigeria, with Ibeno identified as its location in project reports.
Its development could create employment opportunities and support businesses involved in transportation, logistics, construction and petroleum distribution.
The facility is also intended to serve domestic consumers and markets across the wider region.
4. French company Axens was selected for the project
BUA Group selected France-based Axens in 2020 to supply process technologies for the refinery and petrochemical complex.
The agreement covered technology licences, engineering, equipment, catalysts, training and technical services.
The project was initially expected to become operational in 2024, subject to construction progress and other conditions. That deadline passed without the refinery commencing operations as originally projected.
Source: Getty Images
5. Completion timeline has shifted
The refinery's original completion target was 2024. In January 2025, BUA management also rejected reports claiming the facility was 90% complete, stating that construction was still progressing and that the project remained on track to meet its delivery timelines.
New refinery in Bayelsa
Earlier, Legit.ng reported that former President Olusegun Obasanjo has commended Azikel Group President Azibapu Eruani for investing $1 billion in a private oil refinery in Bayelsa State, urging the project's backers to complete the facility within 12 months.
Obasanjo spoke during a recent ceremony marking the symbolic installation of the refinery's Crude Distillation Unit (CDU) at the Azikel Refinery site in Obunagha community, Yenagoa Local Government Area.
The former president said the progress made at the facility demonstrated Eruani's commitment to the project.
Source: Legit.ng
