Ex-President Obasanjo Hails Eruani’s Extraordinary Vision for $1bn Azikel Refinery
…Commends Afreximbank, AFC for Financial Partnership
Former President of the Federal Republic of Nigeria, Chief Olusegun Obasanjo, GCFR, has commended the President of Azikel Group, Dr. Eruani Azibapu, CFR, for his extraordinary vision, entrepreneurial courage, and monumental investment in the development of the $1 billion Azikel Refinery in Bayelsa State.
Obasanjo gave the commendation during his historic visit to the Azikel Refinery, located in Obunagha, Yenagoa Local Government Area, where he performed the symbolic erection of the refinery’s Crude Distillation Unit (CDU), marking a significant milestone in the development of the petroleum refining project.
The former President expressed satisfaction with the transformation of the refinery site since his earlier visit eight years ago, when he laid the foundation for the industrial development.
He applauded Dr. Eruani’s determination and commitment to indigenous petroleum refining investment.
The Azikel Refinery is being developed as a full-scale petroleum refinery designed to produce Premium Motor Spirit (PMS), commonly known as petrol; Automotive Gas Oil (AGO), or diesel; and other refined petroleum products.
The Azikel Refinery is described as Nigeria’s second-largest private full-scale refinery with petrol production alongside other petroleum products. It is designed to produce 2.5 million litres of petrol and 2 million litres of diesel daily.
OBASANJO COMMENDS AFREXIMBANK AND AFC, CALLS FOR CONTINUED SUPPORT
Obasanjo commended the African Export-Import Bank (Afreximbank) and the Africa Finance Corporation (AFC) for their financial support towards the development of the refinery and urged both institutions to sustain their commitment to its successful completion.
He emphasised the need for continued cooperation among the project sponsors, financiers, engineers, and contractors to bring the refinery into operation.
He also encouraged Dr. Eruani to accelerate the completion of the project and expressed optimism about its prospects for future expansion.
His remarks highlighted the role of African financial institutions in supporting indigenous industrial enterprises, strengthening productive capacity, and creating economic opportunities.
On his part, Bayelsa State Governor, Senator Douye Diri, commended Dr. Eruani Azibapu and Azikel Group for the massive $1 billion refinery investment, describing the development as an industrial revolution for Bayelsa State, the Niger Delta, and the wider South-South region of Nigeria.
Governor Diri noted that the refinery represents a shift from reliance on crude oil extraction towards local processing, value addition, and greater industrial participation.
He recognised its potential to generate employment, promote technical skills development, and support economic diversification, while encouraging Bayelsa youths to prepare for emerging opportunities.
The Azikel Refinery is expected to contribute to Nigeria’s domestic petroleum refining capacity upon completion.
The project is intended to strengthen domestic petroleum product supply, promote local value addition, generate employment, and stimulate investment in engineering, logistics, transportation, and industrial services.
The CDU is a principal component of the refinery’s processing infrastructure, responsible for separating crude oil into fractions for further processing into marketable petroleum products.
Its symbolic erection represents a significant construction milestone in the refinery’s development.
In his welcome address, the President of Azikel Group, Dr. Eruani Azibapu, CFR, expressed appreciation to Obasanjo for returning to the refinery site eight years after participating in its foundation-laying ceremony to mark the project’s progress towards completion.
Dr. Eruani said the project was conceived to help transform the Niger Delta from a region primarily associated with crude oil production and exportation into a centre of petroleum refining and industrial value creation.
He reaffirmed Azikel Group’s commitment to completing the refinery and thanked President Bola Ahmed Tinubu, GCFR, for his steadfast commitment to strengthening Nigeria’s energy security and supporting the Azikel Refinery.
He also expressed appreciation to Governor Douye Diri, the Bayelsa State Government, Afreximbank, AFC, technical partners, contractors, and engineering teams for their contributions to the project.
The visit and symbolic erection of the CDU brought together government officials, traditional rulers, financial institutions, industry stakeholders, technical partners, and host community representatives.
Also speaking at the ceremony, Azikel Petroleum Board member, Dr. Daru Owei, and the Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo, commended Dr. Eruani for his investment and expressed confidence in the project’s potential economic benefits.
With continued cooperation among its sponsors, lenders, technical partners, and government stakeholders, the Azikel Refinery is positioned to become an important contributor to Nigeria’s petroleum refining industry and the industrial transformation of Bayelsa State, the Niger Delta, and the South-South region.
The occasion highlighted the national significance of the Azikel Refinery project and Azikel Group’s ambition to advance indigenous industrial development in Nigeria.
