Otedola hails Dangote as Buhari commissions refinery in Lagos
Nigerian billionaire businessman, Femi Otedola, on Sunday hailed Africa’s richest man Aliko Dangote ahead of the commissioning of the Dangote Refinery in Lagos.
Mr Otedola said history would be made in the Nigerian energy sector with the unveiling of the refinery, located in Lagos.
President Muhammadu Buhari will on Monday commission the Dangote Refinery in Lagos amid expectations that the facility, considered Africa’s largest oil refinery, would impact positively on the nation’s oil sector and the larger economy.
In a tweet on Sunday, Mr Otedola shared photos of his visit to the facility in the company of Mr Dangote.
“Countdown to the commissioning of the world’s biggest refinery tomorrow. History is made,” he tweeted.
Countdown to the commissioning of the world’s biggest refinery tomorrow 🏭 History is made @AlikoDangote 👏🏾…F.Ote💲 pic.twitter.com/wqB9tMbXCE
— Femi Ote$ (@realFemiOtedola) May 21, 2023
The facility is an integrated refinery and petrochemical project, equipped to produce about 650,000 barrels of oil per day (bpd) and to generate 9500 direct jobs and 25,000 indirect jobs.
The refinery is one of Nigeria’s single largest investments, with 435 megawatt power station, deep seaport and a fertiliser unit.
ALSO READ: Otedola receives $19 million in arbitration award from Ardova over Forte Oil sale
From an initial estimate of between $12 billion and $14 billion, the cost of the refinery grew to $19 billion after years of delays.
There are expectations that the facility will begin refining crude in June but experts expect operations to start later this year, reaching 50-70% next year, with a staggered process of other units into 2025.
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Nigerian billionaire businessman, Femi Otedola, on Sunday hailed Africa’s richest man Aliko Dangote ahead of the commissioning of the Dangote Refinery in Lagos.
Mr Otedola said history would be made in the Nigerian energy sector with the unveiling of the refinery, located in Lagos.
President Muhammadu Buhari will on Monday commission the Dangote Refinery in Lagos amid expectations that the facility, considered Africa’s largest oil refinery, would impact positively on the nation’s oil sector and the larger economy.
In a tweet on Sunday, Mr Otedola shared photos of his visit to the facility in the company of Mr Dangote.
“Countdown to the commissioning of the world’s biggest refinery tomorrow. History is made,” he tweeted.
Countdown to the commissioning of the world’s biggest refinery tomorrow 🏭 History is made @AlikoDangote 👏🏾…F.Ote💲 pic.twitter.com/wqB9tMbXCE
— Femi Ote$ (@realFemiOtedola) May 21, 2023
The facility is an integrated refinery and petrochemical project, equipped to produce about 650,000 barrels of oil per day (bpd) and to generate 9500 direct jobs and 25,000 indirect jobs.
The refinery is one of Nigeria’s single largest investments, with 435 megawatt power station, deep seaport and a fertiliser unit.
ALSO READ: Otedola receives $19 million in arbitration award from Ardova over Forte Oil sale
From an initial estimate of between $12 billion and $14 billion, the cost of the refinery grew to $19 billion after years of delays.
There are expectations that the facility will begin refining crude in June but experts expect operations to start later this year, reaching 50-70% next year, with a staggered process of other units into 2025.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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