Wema Bank To Finance Ogun Refinery


By Modupe Gbadeyanka

Arrangements have been completed to build the second largest refinery in sub-Saharan Africa in Ogun State, which will also be the largest petroleum product depot in Nigeria and Wema Bank is providing the financial backing for this project.

Business Post learnt that the refinery and tank farm, when fully completed, will generate over 2,000 jobs.

Wema Bank is partnering with the Ogun State Government and three other companies to carry out this laudable project.

The other firms, apart from Wema Bank Plc, are Petrolex Oil and Gas, Hyundai and Ajayi Legal Partner. They recently signed a deal with the state government at a ceremony held in Abeokuta, the Ogun State capital.

According to Chairman of Petrolex Group, Mr Segun Adebutu, the two projects which will be located in Odogbolu Local Government Area of the state, when completed, would generate at least 2000 jobs and greatly increase the socio-economic condition of the host state.

Also commenting on the project, Head of Corporate Banking at Wema Bank, Mr Henry Alakhume, expressed delight at the deal.

“Wema Bank is proud to support Petrolex Group in the refinery and petroleum depot project. We believe this will significantly boost Nigeria’s economy and create much needed jobs,” said Mr Alakhume.

Also speaking during the signing ceremony, the Ogun State Governor, Mr Ibikunle Amosun, assured Wema Bank and members of the consortium of his administration’s commitment to fully support the project.

“We have the political will and we would support the project fully. You can be rest assured that I will get involved, when necessary, in order to ensure that the project is a success,” Mr Amosun said.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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