MIDOil Refining and Petrochemicals Company Limited is set to begin the construction of a 100,000 barrels per day modular refinery at Sekungba/Ejinrin, Ikosi/Ejinrin Local Council Development Area of Lagos State.
Mrs Elizabeth-Omolara Akintonde, the Executive Chairman of MIDOil, disclosed this information during the unveiling of a three-in-one investment opportunity recently.
According to Akintonde, the aspiration to set up a refinery was formed more than ten years ago with an official from the former Nigerian National Petroleum Corporation, Hajiya Amina Abdullahi.
Noting her experience as a marketer of refined petroleum products since 1984, she recognized the importance of contributing to Nigeria's growth, prompting the decision to establish a modular refinery in Lagos State.
Akintonde mentioned that the refining company was registered on April 12, 2012 and clarified that a significant area of land was obtained from the administration of former Governor Babatunde Fashola. She also mentioned that the land allocation letter was received from the Lagos State Government on April 24, 2014.
Akintonde addressed the delay in executing the project by stating that it took MIDOil 10 years to secure interested investors for the project. However, they now have three consortiums of investors willing to invest $5bn with them.
She also mentioned that the delay was mainly due to sourcing investment from overseas and obtaining necessary licenses from various Nigerian government agencies such as the Nigerian Upstream Petroleum Regulatory Commission, the Federal and State Ministries of Environment, the state Ministry of Waterways, the Nigerian Navy, and the police.
The groundbreaking of the proposed modular refinery, along with the establishment of MIDOil Filling Stations nationwide, is scheduled for July 12 as per Akintonde's announcement.
Akintonde, while presenting cheques to the host communities, urged the Lagos State Government and community leaders to address the issue of land grabbers' excesses in the state.
She urged the government to educate traditional settlers to support companies' efforts in transforming their communities for the better, citing worries about the increasing incidents of land grabbing in the areas where the refinery would be located.
After completion, the refinery with a capacity of 100,000 barrels per day will be the second in Lagos, next to the Dangote oil refinery.
