Ogbe champions NCDMB’s 20% refinery stake, ensures corporate governance compliance

Nigerian Content Development and Monitoring Board, NCDMB, has implemented a corporate governance procedure to safeguard its acquisition of 20 per cent equity in a 100,000 barrels per day refinery project set to be established by African Refinery Group Limited, ARPHL, and the Nigerian National Petroleum Company, NNPC, Limited.

Executive Secretary of NCDMB, Engr.Felix Ogbe, who disclosed this in a statement, said the equity investment deal was the first to be sealed under his leadership.

He also confirmed that the board subjected the proposal to rigorous technical, commercial and regulatory reviews and decision gates, in line with NCDMB’s commercial Ventures Investment Policy.

The statement said the deal was part of the board’s commercial venture programme, supported by Section 70 (h) of the NOGICD Act, which says NCDMB is to “assist local contractors and Nigerian companies to develop their capabilities and capacities” in furtherance of Nigerian content development in the oil and gas industry.

The board has also instituted a robust corporate governance procedure that will safeguard its investment and ensure optimal performance of the refinery project,” he added.

His words: “The Board’s commercial venture investments are also geared to catalyse Federal Government’s strategic policies, provide job creation opportunities in the construction and operation phases, and add value to the nation’s hydrocarbon resources.
“The shares for the African Refinery Port Harcourt Limited project were purchased under the Nigerian Content Intervention Company LTD/GTE, a company limited by guarantee, and wholly owned by the NCDMB.

“Details of the investment indicate that the Nigerian National Petroleum Company Limited, NNPC Ltd, holds a 15 per cent equity investment in the refinery project, having executed a share subscription agreement in 2024.”

Meanwhile, Ogbe signed the deal at the board’s liaison office in Abuja, while Managing Director of African Refinery Port Harcourt Limited, Mr Tosin Adebajo, signed on behalf of the company.

The share purchase agreement for the investment will make NCDMB a key partner in ARPHL, being co-located with Port Harcourt Refining Company Limited, operated by NNPC at Alesa Eleme, Rivers State.