Ex-President Obasanjo hails Eruani’s extraordinary vision on $1b dollars Azikel refinery

Former President of the Federal Republic of Nigeria, His Excellency 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.

President Obasanjo, who gave the commendation during his historic visit to the Azikel Refinery located at Obunagha, Yenagoa Local Government Area, where he performed the symbolic erection of the refinery’s Crude Distillation Unit (CDU), marking a significant milestone towards completion 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 the Nigeria’s second-largest private full-scale refinery with petrol production alongside other petroleum products, with production output of 2,500,000L of Petrol daily and 2,000,000L of Diesel Production daily.

Obasanjo also commended the African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC) for their financial support towards development of the refinery, and urged both institutions to sustain their commitment through successful completion.

He emphasised continued cooperation among the project sponsors, financiers, engineers and contractors to bring the refinery into operation.

He also encouraged Dr. Eruani to accelerate completion and expressed optimism about the 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, the Bayelsà 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 industrial participation.

He recognised the potential for employment, technical skills development and economic diversification, and encouraged 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, marking the completion phase of the refinery construction.

In his welcome address, the group President of the Azikel group. Dr. Eruani Azibapu, CFR, expressed appreciation to President Obasanjo for returning to the refinery site eight years after participating in its foundation-laying ceremony to mark the now completion phase of the refinery.

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 Energy Security and supporting the Azikel Refinery and also thank Governor Douye Diri, the Bayelsa State Government, Afreximbank, AFC, technical partners, contractors and engineering teams for their contributions.

The visit and symbolic CDU erection 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, 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 and the completion phase of the Azikel Refinery.