BAYELSA: The Nigerian Content Development and Monitoring Board (NCDMB) has established a robust corporate governance framework to secure its acquisition of a 20% stake in a new 100,000 barrels-per-day refinery project.
This project is being developed through a joint initiative between African Refinery Group Limited (ARPHL) and the Nigerian National Petroleum Company (NNPC) Limited.
Engr. Felix Ogbe, the Executive Secretary of NCDMB, announced in a statement that this equity investment is the first deal finalized under his leadership.
He noted that the board rigorously vetted the proposal through comprehensive technical, commercial, and regulatory reviews, aligning it with the NCDMB’s commercial ventures strategy.
The investment is part of the board’s broader commercial venture program, which is supported by Section 70 (h) of the Industry Content Development (NOGICD)
This legislation mandates that NCDMB assist local contractors and Nigerian companies to develop their capabilities and capacities, thereby promoting Nigerian content in the oil and gas sector.
Ogbe emphasized that the newly implemented corporate governance procedures are designed not only to safeguard the investment but also to ensure the refinery project’s optimal performance.
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He added that these commercial venture investments aim to support the Federal Government’s strategic policies, create jobs during both the construction and operational phases, and enhance the value of the nation’s hydrocarbon resources.
The shares for the African Refinery Port Harcourt Limited project were acquired through the Nigerian Content Intervention Company LTD/GTE, a company wholly owned by NCDMB. Investment details further reveal that NNPC Limited holds a 15% equity stake in the refinery project, as per a share subscription agreement executed in 2024.
The deal was signed at the board’s liaison office in Abuja by Engr. Ogbe on behalf of NCDMB, with Mr. Tosin Adebajo, Managing Director of African Refinery Port Harcourt Limited, signing for the company.
Through this share purchase agreement, NCDMB becomes a key partner in ARPHL, with its operations co-located alongside Port Harcourt Refining Company Limited—operated by NNPC at Alesa Eleme, Rivers State.
