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SUBSIDIARY NAME

DR LUKMAN AKANDE BOIJA

COUNTRY

NIGERIA

SECTOR/ INDUSTRY

ENERGY

OWNERSHIP %

70% IIB-DG

ACQUISITION DATE

MAR 30, 2022

ACQUISITION VALUATION

2.5 BILLION USD

TOTAL ASSET VALUATION

22.5 BILLION USD

ENERGY-OIL-REFINERY-GAS

DR LUKMAN AKANDE BOIJA: The proposed project would therefore be the first large privately owned refinery in Nigeria. It would comprise of a 100,000 BPD crude oil refinery consisting of two stainless steel modules of 50,000 BPD each. The core refinery process will comprise a gasoline fuel oil refinery, with Naphtha stabilizer and splitting; naphtha desulphurizer and catalytic reformer, kerosene hydro treated; fluid catalytic cracker; gas plant; alkylation; and delayed Coker capable of processing Nigerian light crude (Bonny, Forcadors, Qua Iboe, etc.) with general NNPC specifications of 33-37 API and Sulfur content of 0.10% by WT.

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