Nigerian medical doctor turned energy tycoon, Eruani Azibapu has led a groundbreaking move as his energy conglomerate, Azikel Group, clinched a $258-million refinery deal with the esteemed pan-African financial powerhouse, African Export-Import Bank (Afreximbank).Â
The deal, finalized during the Intra-African Trade Fair 2023 in Cairo, revolves around a substantial debt funding agreement of $259 million for the ambitious Azikel Hydro-skimming Refinery Project, boasting an impressive 12,000-barrel-per-day (bpd) capacity.
The agreement, a testament to Azikel Group’s strategic prowess, was formally sealed between Azikel Petroleum Refinery, a prominent subsidiary of Azikel Group, and Afreximbank. The signing ceremony witnessed the presence of Azibapu, the president of Azikel Group and chairman of Azikel Petroleum Refinery, alongside Helen Brume, the Director of Project and Asset Based Finance at Afreximbank.Â
This $258-million pact is dedicated to the realization of the Azikel Hydro-skimming Refinery in Bayelsa State, Nigeria, signaling the dawn of a transformative era in the nation’s industrial landscape. Azikel Group boldly asserts that this visionary project stands as a mainstay in surmounting the challenges posed by the inadequacy of refined petroleum products in Nigeria.
Eruani Azibapu pledges unwavering commitment to Nigeria’s development and sustainable growth
Azibapu, speaking at the signing ceremony, expressed his unwavering commitment to Nigeria’s development and the broader African continent. He emphasized his dedication to fostering new industrialization, ensuring energy sufficiency, and promoting sustainable development. Azibapu envisions Nigeria becoming a hub for refined products and clean energy, with the surplus being exported to other African countries and beyond.
The Azikel Hydro-skimming Refinery is set to be the first private hydro-skimming refinery in Nigeria and the only condensate feedstock-utilizing refinery in Africa. It is designed to produce refined products of Euro V grade, contributing to cleaner energy and environmental protection. Azibapu assured that the refinery’s daily output would significantly contribute to Nigeria’s energy demand and facilitate exportation within the African continent and beyond.
Decade of excellence: Azikel Group’s rise as a leading indigenous conglomerate in Nigeria
Established over a decade ago by Azibapu, Azikel Group has evolved into a high-performing conglomerate and a leading indigenous corporate organization in Nigeria’s South-South region.
The group encompasses four companies — Azikel Dredging, Azikel Air, Azikel Petroleum, and Azikel Power. Under Azibapu’s leadership, Azikel Group continues to play a pivotal role in the reindustrialization of Nigeria, fostering self-sufficiency and sustainability in energy, power generation, and infrastructural development.
Azikel Group’s trajectory, shaped by Azibapu’s diverse background encompassing medicine, civil service, and the oil and gas industry, has been further enriched by business training at prestigious institutions such as the London Business School and the Wharton Business School at the University of Pennsylvania.
The conglomerate’s strategic expansion reflects its commitment to contributing to Nigeria’s economic growth and energy sufficiency. With this latest refinery deal with Afreximbank, Azikel Group is poised to play a crucial role in shaping the energy landscape of not only Nigeria but the entire African continent.
