Nigerian Content material Growth and Monitoring Board, NCDMB, has applied a company governance process to safeguard its acquisition of 20 per cent fairness in a 100,000 barrels per day refinery venture set to be established by African Refinery Group Restricted, ARPHL, and the Nigerian Nationwide Petroleum Firm, NNPC, Restricted.
Government Secretary of NCDMB, Engr.Felix Ogbe, who disclosed this in an announcement, mentioned the fairness funding deal was the primary to be sealed below his management.
He additionally confirmed that the board subjected the proposal to rigorous technical, business and regulatory critiques and determination gates, according to NCDMB’s business Ventures Funding Coverage.
The assertion mentioned the deal was a part of the board’s business enterprise programme, supported by Part 70 (h) of the NOGICD Act, which says NCDMB is to “help native contractors and Nigerian firms to develop their capabilities and capacities” in furtherance of Nigerian content material improvement within the oil and gasoline trade.
The board has additionally instituted a sturdy company governance process that may safeguard its funding and guarantee optimum efficiency of the refinery venture,” he added.
His phrases: “The Board’s business enterprise investments are additionally geared to catalyse Federal Authorities’s strategic insurance policies, present job creation alternatives within the development and operation phases, and add worth to the nation’s hydrocarbon assets.“The shares for the African Refinery Port Harcourt Restricted venture have been bought below the Nigerian Content material Intervention Firm LTD/GTE, an organization restricted by assure, and wholly owned by the NCDMB.
“Particulars of the funding point out that the Nigerian Nationwide Petroleum Firm Restricted, NNPC Ltd, holds a 15 per cent fairness funding within the refinery venture, having executed a share subscription settlement in 2024.”
In the meantime, Ogbe signed the deal on the board’s liaison workplace in Abuja, whereas Managing Director of African Refinery Port Harcourt Restricted, Mr Tosin Adebajo, signed on behalf of the corporate.
The share buy settlement for the funding will make NCDMB a key accomplice in ARPHL, being co-located with Port Harcourt Refining Firm Restricted, operated by NNPC at Alesa Eleme, Rivers State.
