The Nigerian Content Development and Monitoring Board, NCDMB, has secured a 20 percent stake in a 100,000-barrel-per-day refinery project led by African Refinery Group Limited.
A statement on Monday confirmed that the deal, signed on 8 March between NCDMB’s Executive Secretary, Felix Ogbe, and Tosin Adebajo, Managing Director of African Refinery Port Harcourt Limited, ARPHL, involves a share purchase agreement.
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The investment makes NCDMB a key partner in ARPHL, which is co-located with the Port Harcourt Refining Company in Alesa Eleme, Rivers State. The facility operates in collaboration with the Nigerian National Petroleum Company Limited.
The shares were acquired through the Nigerian Content Intervention Company LTD/GTE, a special-purpose entity wholly owned by NCDMB. The initiative aligns with the board’s mandate to deepen local participation in the oil and gas sector and enhance Nigeria’s refining capacity.
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