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The Nigerian Content Development and Monitoring Board (NCDMB) has signed a $10 million equity investment agreement with Waltersmith Refining & Petrochemical Company Limited for the construction of a 5,000 barrels daily modular refinery in Ibigwe in Imo State.
At the signing ceremony held in Lagos, NCDMB Executive Secretary, Simbi Kesiye Wabote, and the Director of Finance and Personnel Management, Mr. Isaac Yalah signed on behalf of the Board while Waltersmith, Chairman Mr. Abdulrasaq Isah and the Executive Vice-Chairman, Mr. Danjuma Sale signed for the company. Under the Shareholders Agreement and the Share Subscription Agreement, the Board took 30 per cent equity in the modular refinery.
Wabote said the investment decision was in line with the Board’s vision ‘to be the catalyst for the industrialisation of the Nigerian oil and gas industry and its linkage sectors.’ The Board was also keen to support the Federal Government’s policy on modular refineries and meet the key objectives of the Petroleum Industry’s Seven Big Wins launched by President Mohammed Buhari and the Economic Recovery and Growth Program (EGRP).
Photo Caption: NCDMB Executive Secretary, Simbi Kesiye Wabote
