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BUA Group to Build 200,000 bdp Refinery in Akwa Ibom

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BUA Cement share price

By Adedapo Adesanya

One of Africa’s conglomerate, BUA Group, has announced its plans to tap into the energy sector by building a 200,000-barrel per day capacity refinery in Akwa Ibom State, Nigeria.

The group, a dominant player in the foods, mining and infrastructure business, has already signed an agreement with Axens of France for the supply of process technologies for what will be a 10 million tonnes per annum mega refinery and petrochemicals facility.

Set for a completion date of 2024, the multibillion-dollar integrated refinery and petrochemical plant aims at producing Euro-V fuels and Polypropylene for the domestic and regional market.

According to BUA, Axens was selected after a comprehensive process because of its advanced technology licenses, basic engineering, catalysts & adsorbents, proprietary equipment, training and technical services.

The landmark agreement was signed between the Chairman of BUA Group, Mr Abdul Samad Rabiu, and the CEO of Axens, Mr Jean Sentenac, in a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Mr Franck Riester.

The BUA Group Chairman and CEO said the “10 million tonnes per annum refinery and petrochemicals project is in line with BUA’s vision to develop local capacity in key industries where we can add the most value and where raw materials can be sourced locally.

“Once completed, this RFCC-based complex will produce high-quality gasoline, diesel, jet fuel meeting Euro-V specifications for the Nigerian market and the larger region.

“In addition, it will produce propylene, an essential component for the petrochemical industry used in polypropylene-based plastics and packaging.

“This project will help in reducing Nigeria’s dependence on imported fuels and petrochemicals.

“It is in the DNA of BUA Group to create efficient, innovative and sustainable businesses; look at our cement plants, the most sustainable in Nigeria, same with our sugar plants.”, Mr Rabiu added.

Mr Sentenac for Axens said: “We are delighted to be part of this strategic project providing the most advanced technologies on the market that are energy-efficient and ensure the production of high-quality fuels and petrochemical intermediates.

“This state-of-the-art integrated complex will allow BUA Group to develop its refining and petrochemical capabilities in Nigeria and produce highly valuable products for the domestic market. It is a great pleasure and pride to partner with them to concur to develop the Nigerian economy and ensure the success of this strategic state of the art project”.

The bidding process was managed by energy consultants KBR, which will also be handling subsequent rounds for the engineering and construction phase, currently underway.

The refinery will be built using an undisclosed mix of debt and equity with banks already in negotiations with the Group.

The new refinery project sets up a direct competition with Nigeria’s other large refinery project currently in progress by the Dangote Group, which is set for 2021 operational date. By comparison, this project will produce at least 600,000 barrels per day.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Ibeto Customs, Police Renew Joint Security Pact for Efficiency, Safety

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Nigeria Customs Service

By Adedapo Adesanya

The Nigeria Customs Service (NCS), Ibeto Seaport and Terminals Command, Port Harcourt, and the Nigeria Police Force have renewed their commitment to joint security operations at the nation’s maritime corridors, following a strategic meeting between top officials of both agencies.

According to a statement, the renewed partnership came as the Commissioner of Police, Eastern Port Police Command, CP Shuaibu Audu, paid a working visit to the Customs Area Controller, Comptroller Usman Yahaya, at the Command headquarters on April 17, 2026.

The engagement, according to a statement by the Command’s Public Relations Officer, Chief Superintendent of Customs Tangwa Emmanuel, was aimed at strengthening inter-agency cooperation and boosting operational efficiency within the port environment.

Speaking during the visit, Comptroller Yahaya described the engagement as significant, stressing that sustained collaboration among security agencies remains critical to safeguarding national assets and ensuring seamless port operations.

This visit is timely and highly appreciated. It reflects the importance of sustained cooperation among agencies entrusted with the security of our nation and the protection of critical economic assets,” he said.

He assured the police boss of Customs’ readiness to maintain strong working relations with the Eastern Port Police Command.

“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities,” Mr Yahaya added.

The Customs Area Controller noted that the synergy between both agencies has continued to play a vital role in maintaining order, facilitating legitimate trade and curbing criminal activities within the port system.

This was contained in a statement shared via the Customs official X handle.

Customs and the Police share common responsibilities in safeguarding the port environment. Synergy remains the cornerstone for achieving our collective mandate,” he stated.

He also briefed the visiting Commissioner on the operational relevance of the Ibeto Seaport and Terminals Command, reiterating the Command’s commitment to strengthening maritime security.

On his part, CP Audu said the visit was part of efforts to consolidate existing ties between the Nigeria Police Force and the Nigeria Customs Service.

“My presence here today is to reinforce the cordial relationship between the Nigeria Police Force and the Nigeria Customs Service. No organisation can function effectively in isolation,” he said.

He emphasised the importance of sustained collaboration among security agencies, particularly in securing the nation’s ports, which he described as vital to economic stability.

Synergy among security agencies is essential to addressing emerging threats. Our ports are strategic national assets, and we must work together to keep them secure,” Mr Audu stated.

The police commissioner also sought continued support from Customs officers in advancing shared security objectives.

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Economy

Tinubu Removes Wale Edun, Elevates Taiwo Oyedele as New Finance Minister

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swear in taiwo oyedele

By Modupe Gbadeyanka

Mr Taiwo Oyedele has become the new Minister of Finance and Coordinating Minister for the Economy after the exit of Mr Wale Edun.

This announcement was made on Tuesday by the Office of the Secretary to the Government of the Federation via a statement signed by Mr Yomi Odunuga, the Special Adviser of Media and Publicity to the Secretary to the Government of the Federation, Mr George Akume.

It was disclosed that President Bola Tinubu approved the removal of Mr Edun as Finance Minister as well his counterpart in the Housing and Urban Development Ministry, Mr Ahmed Musa Dangiwa.

According to Mr Akume, “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

In approving the cabinet reshuffle, the President has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended), he added.

Before this minor cabinet reshuffle in the membership of the Federal Executive Council (FEC), Mr Oyedele the Minister of State for Finance.

Mr Muttaqha Rabe Darma has now been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.

Mr Tinubu thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours, reminding others that “the process of reinvigoration shall be continuous.”

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Economy

Dangote Eyes Crude Oil Production to Ease Shortfalls

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Crude Oil Production

By Adedapo Adesanya

The Dangote Group has announced plans to begin its own crude production, to help cover shortfalls in local crude feedstocks, in the coming weeks through its upstream assets.

According to Mr Devakumar Edwin, the Vice President of the Dangote Group, the company has commenced early testing on crude from its Niger Delta licenses.

In an interview with Platts, part of S&P Global Energy, the official said the company has already begun standard well testing and is preparing to scale up output.

“We have opened a well and begun standard testing, which should be completed in the next three to four weeks, maximum.

“After that point, oil can start to be pumped in larger volumes, and the company can begin work on drilling new wells,” he said.

Also speaking, Mr David Bird, the chief executive officer (CEO) of the Dangote refinery, said the upstream assets could provide a more stable crude supply for the refinery.

“Alongside its upstream interests, the company is seeking to establish its own shipping presence to help reduce logistics costs and improve the reliability of its crude sourcing,” Mr Bird said.

While confirmation has come from the company, the Nigerian government or the Nigerian National Petroleum Company (NNPC) Limited is yet to officially confirm the development.

The 650,000 barrels-per-day facility has been able to get enough feedstock locally under the federal government’s Crude-for-Naira initiative, leading it to source crude from international markets at a premium, which is partly responsible for the high cost of petrol and other fuels.

However, in April 2026, the NNPC said it would increase its crude supply to Dangote Refinery to seven cargoes.

The refinery, on several occasions, has stated it sources the majority of its crude oil outside Nigeria despite being the country’s Naira-for-crude sale deal.

Last month, it said the NNPC only gave it four to five cargoes, which is less than 50 per cent of expected volumes. The majority of Nigeria’s crude is tied to joint ventures with international oil companies.

With the latest development, it would help reduce the dependency on international crude as well as allow Dangote to ease some of its import costs.

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