Midoil Refining and Petrochemicals Company Limited has officially commenced construction on its new refinery with a recent turning of the sod ceremony in Lagos. The event took place in Shekungba, Ikosi/Ejinrin Local Council Development Area, marking the start of what promises to be a transformative project for the region.
The ceremony was led by Mrs. Elizabeth-Omolara Akintonde, the Executive Chairman of Midoil, who was joined by dignitaries and local leaders. Akintonde assured the community that the refinery would bring significant development, creating both direct and indirect jobs. She also praised the village heads for their integrity in resisting attempts to undermine the project through bribery.
Celebrating her 74th birthday on the day of the ceremony, Akintonde emphasized that the Midoil refinery would enhance Nigeria’s energy sector with a refining capacity of 100,000 barrels per day. “All these bushes you see today, in the next couple of months, you will see them no more,” she promised, expressing her commitment to the project’s success.
Retired Justice Olusola Hunponu-Wusu, a founding member of the refinery, highlighted the need for more refineries in Nigeria to boost the country’s refining capacity and reduce fuel imports. He expressed confidence that feedstock challenges would not impede the project once operational.
The Bishop of Lagos Anglican Communion, Ifedola Okupevi, performed the turning of the sod and offered prayers for the timely completion of the refinery.
Akintonde also provided a brief history of the project, noting that the land was acquired during former Governor Babatunde Fashola’s administration, with the land allocation letter received on April 24, 2014. The refinery licenses were granted on January 24, 2017, by the Department of Petroleum Resources.
“It has taken Midoil 10 years to secure interested investors,” Akintonde explained. “We now have three consortiums of investors willing to invest $5 billion in our project. The sourcing of the required funding from overseas has been the major reason for the delay.”
The Midoil refinery is set to play a pivotal role in boosting Nigeria’s refining capacity and supporting the country’s energy needs.
