Another Billionaire Set to Complete $1 Billion Refinery in Nigeria
- Billionaire businessman Azibapu Eruani's Azikel Refinery in Yenagoa, Bayelsa State, entered its final stage of construction
- The facility is designed to process 25,000 barrels of crude oil or condensate daily and produce petrol, diesel and aviation fuel
- Eruani described Azikel as Nigeria's second-largest full-slate refinery and the only one in Africa built to convert condensate into a full product range
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Nigeria may be on the verge of welcoming a second major operational refinery, as Azibapu Eruani, president of the Azikel Group, announced that his $1 billion Azikel Refinery in Yenagoa, Bayelsa State, is in its final phase of construction.
Source: UGC
Eruani shared during a recent visit to the refinery complex by members of the Nigerian Society of Engineers, offering the clearest picture yet of where the ambitious project stands.
A report by Legit.ng on August 12, 2026 indicated that the facility is classified as a full-slate hydro-skimming plant, built to handle 25,000 barrels of crude oil or condensate every day.
Once operational, it is expected to churn out premium motor spirit, diesel, aviation fuel, kerosene, liquefied petroleum gas and a range of other petroleum products.
Eruani highlighted the condensate-processing capability as a defining characteristic of the plant, stating it is the only refinery on the African continent designed to convert condensate into a complete suite of refined products.
He also described Azikel as Nigeria's second-largest full-slate refinery.
Around 700 engineers and technical staff are currently on site working towards completion, the majority of whom are young Bayelsans and Nigerian engineers working alongside expatriate specialists.
When the plant reaches full operation, Eruani projects it will employ more than 3,000 people directly, while the project has already generated in excess of 80,000 indirect jobs.
From 12,000 to 25,000 barrels: How the project grew
The refinery's journey to its current scale has been a long one.
It received regulatory approval in 2015 under former President Muhammadu Buhari. In November 2023, Azikel Petroleum secured a $259 million debt financing agreement with the African Export-Import Bank for what was then a 12,000-barrel-per-day facility.
Subsequent redesign and enhanced value engineering significantly expanded the project's scope and investment size.
"The Azikel Refinery, licensed by former President Muhammadu Buhari in 2015, has now gone through several enhanced value engineering and redesigns to a 25,000 barrels per day capacity. It is now a $1 billion investment," Eruani said.
US oil services firm McDermott was contracted to carry out feasibility studies and oversee construction work on the facility. Looking further ahead, there are plans to scale the refinery's capacity up to 125,000 barrels per day.
Mac Jokori, chairman of the Nigerian Society of Engineers' Bayelsa branch, praised the project following the tour, describing the refinery as a significant landmark for Nigeria's domestic refining capacity.
He noted that the facility met high engineering standards and would support industrialisation, local capacity building and job creation for young Nigerians.
Tema Oil Refinery resumes operations
Earlier, YEN.com.gh reported that the Tema Oil Refinery (TOR) resumed crude oil refining operations after many years of inactivity, marking a major step in efforts to revive Ghana’s downstream petroleum sector.
The resumption follows the successful completion of extensive Turnaround Maintenance (TAM) works on the refinery’s Crude Distillation Unit (CDU), carried out between August 1 and October 30, 2025.
The maintenance works were completed on schedule and in line with international engineering, safety, and operational standards.
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Source: YEN.com.gh
