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Business & Finance

Petrolex Group sets to build refinery in Ogun state

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A Nigerian oil firm, Petrolex Group says it has entered into a consortium with Wema Bank and the government of Ogun to build the second largest refinery in Odogbolu area of the state.
According to a statement by the oil firm on Thursday in Lagos, the Chairman of the group, Mr Segun Adebutu, said that other members of the consortium are Hyundai and Ajayi Legal Partner.

Adebutu said that the consortium would also build a petroleum product depot in the area. He said that the depot would be the largest in sub-Saharan Africa.

Adebutu said the two projects would generate about 2,000 jobs and boost the socio-economic condition of the host state.

Mr Henry Alakhume, Head of Corporate Banking at Wema Bank, said the bank was delighted to support the deal. “Wema Bank is proud to support Petrolex Group in the refinery and petroleum depot projects.

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“We believe this will significantly boost Nigeria’s economy and create much-needed jobs,” he said.

Gov. Ibikunle Amosun of Ogun 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 will 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,” Amosun said.


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