MIDOil to construct 100,000bpd modular refinery in Lagos

MIDOil Refining and Petrochemicals Company Limited has finalized plans to commence the construction of a modular refinery with a capacity of 100,000 barrels per day in Sekungba/Ejinrin, within the Ikosi/Ejinrin Local Council Development Area of Lagos State.

Elizabeth-Omolara Akintonde, the executive chairman of MIDOil, disclosed this development during the unveiling of a three-in-one investment opportunity.

Akintonde recounted her initial discussion of the refinery project over a decade ago with Hajiya Amina Abdullahi, then an official of the Nigerian National Petroleum Corporation.

“As a marketer of refined petroleum products since 1984, I recognized the importance of contributing to Nigeria’s growth,” she stated, noting Abdullahi’s agreement. This collaboration led to the decision to establish a modular refinery in Lagos State.

Akintonde further revealed that the refining company was registered on April 12, 2012, and she acquired a significant land parcel from the former Lagos State Governor, Babatunde Fashola’s administration. She also mentioned obtaining the land allocation letter from the Lagos State Government on April 24, 2014.

Addressing the project’s delay, Akintonde explained, “it has taken MIDOil 10 years to attract interested investors willing to invest in Nigeria and our project.” However, she expressed gratitude that the company now has three consortiums of investors ready to invest $5bn in partnership.

“The sourcing of the investment from overseas and the required licenses from the agencies of the Nigerian government, like the Nigerian Upstream Petroleum Regulatory Commission, the Federal and State Ministries of Environment, the state Ministry of Waterways, the Nigerian Navy, and the police, have been the major reasons for the delay.”

Akintonde advised the Lagos State Government and local leaders to rein in the excesses of land grabbers in the state while giving checks to the host communities.

She expressed alarm over the wave of land grabbing in the villages where the refinery would be located, and she urged the government to teach traditional settlers to support efforts by companies to develop their communities for the better.

Akintonde said the proposed modular refinery’s groundbreaking is set for July 12. She added that the establishment of MIDOil filling stations around the country would also fall under this.

After the Dangote oil refinery in Lagos, the 100,000 barrels per day refinery will be the second largest in the city.