BUA’s 200,000 bpd Akwa Ibom refinery: five things to know

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Abdul Samad Rabiu, chairman of BUA Group, is backing a planned 200,000-barrel-per-day refinery in Akwa Ibom State. The project was initially expected to start operations in 2024, but that target was missed.

BUA Refinery and Petrochemicals Limited is the vehicle for the group’s push into oil and gas. The plant is designed to process 200,000 barrels of crude oil daily and produce fuels and petrochemicals for Nigerian and regional markets.

Who is behind the project

BUA Refinery and Petrochemicals Limited sits under BUA Group, the conglomerate founded by Rabiu. He built his fortune in cement, food processing and other industries. The refinery marks the group’s expansion into oil and gas. Rabiu is frequently ranked among Nigeria’s wealthiest individuals, although his precise position depends on the publication and the date of the wealth ranking.

What the refinery will produce

The facility is designed to process up to 200,000 barrels of crude oil per day. Axens, the technology provider, says the integrated project is expected to produce petrol, diesel and jet fuel that meet Euro V specifications. It will also produce propylene for polypropylene, used in plastics and packaging. If it reaches planned capacity, the refinery could become a significant contributor to Nigeria’s domestic petroleum supply.

Location and economic footprint

The refinery is planned for Akwa Ibom State in southern Nigeria, with Ibeno identified as its location in project reports. Its development could create jobs and support businesses in transportation, logistics, construction and petroleum distribution. The facility is also intended to serve domestic consumers and markets across the wider region.

Technology partner and timeline

BUA Group selected France-based Axens in 2020 to supply process technologies for the refinery and petrochemical complex. The agreement covered technology licences, engineering, equipment, catalysts, training and technical services. The project was initially expected to become operational in 2024, subject to construction progress and other conditions. That deadline passed without the refinery commencing operations as originally projected. The original completion target was 2024. In January 2025, BUA management rejected reports claiming the facility was 90% complete, stating that construction was still progressing and that the project remained on track to meet its delivery timelines.

Another private refinery in focus

Separately, former President Olusegun Obasanjo has commended Azikel Group President Azibapu Eruani for investing $1 billion in a private oil refinery in Bayelsa State. Obasanjo urged the project’s backers to complete the facility within 12 months. He spoke during a ceremony marking the symbolic installation of the refinery’s Crude Distillation Unit at the Azikel Refinery site in Obunagha community, Yenagoa Local Government Area. The former president said the progress made at the facility demonstrated Eruani’s commitment to the project.

For Nigeria, the BUA project adds to a growing list of private refining investments aimed at lifting domestic petroleum production and reducing dependence on imported fuel. The missed 2024 start date and the disputed completion report mean delivery milestones will matter for businesses watching fuel supply and feedstock demand.

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