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Meet The Billionaire From Ogun State Who Is Building The Second Largest Refinery In Nigeria

On December 12, 2017, the Vice President, Yemi Osinbajo, was at Ibefun, Ogun State to commission Africa’s largest tank farm built by indigenous oil and gas company, Petrolex Oil and Gas Limited.

The property is the site of a 300 million litre capacity tank farm with 20 storage tanks. It the location of the location proposed 250,000bpd refinery as well as a lube plant, fertilizer plant and gas processing facility. All these facilities will be ready at full completion of the mega city. The intention of Petrolex is that the area becomes a large energy estate that will be the biggest and best in Africa.

So much has also been said about the benefits of the mega oil city to the Nigerian economy. For Segun Adebutu, the CEO of Petrolex group, the economics of the project is certainly a no brained as there are lots of positive economies of scale to gain from the project.

Nigeria imports about 90% of its crude oil products due to lack of working refineries. The completion of these refinery along with dangote’s own in Lagos would reduce importation by a high rate.

Segun Adebutu is Chairman and Chief Executive Officer of Petrolex Oil & Gas Ltd, a company presently [when?] building “the second largest refinery in sub-Saharan Africa and the largest petroleum product depot in Nigeria” in Ogun State. Segun Adebutu serves as the Executive Director and member of the Board of Premier Lotto Nigeria Limited. He is the Chairman of Bluebridge Marine and Oladiran Agro-Allied Company, Oladiran Engineering & Trade Limited. He ventured into entertainment business when he founded a music record label, named Baseline Records, which signed on music artistes like: Skales, Saeon, and others.