BUA Group clarifies refinery progress amid misleading reports

Oluwatosin Racheal Alabi -

Key Points

  • BUA clarifies that its Akwa Ibom refinery is not 90 percent complete but progressing steadily.
  • The refinery aims to boost Nigeria’s refining capacity and reduce dependence on imports.
  • BUA’s energy initiatives include hybrid power plants and a mini-LNG project.

BUA Group has refuted reports suggesting that its 200,000 barrels per day refinery in Akwa Ibom State is 90 percent complete. The company issued a statement over the weekend, clarifying that these claims did not originate from BUA and urged the public to disregard any misinformation.

Steady progress on refinery and energy projects

According to BUA, the Akwa Ibom refinery, a crucial component of Nigeria's efforts to enhance refining capacity and ensure energy security, is still progressing as planned. While the refinery is not yet 90 percent complete, the company confirmed that construction continues steadily, in collaboration with its partners.

“This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security,” the company emphasized. Once completed, the refinery is expected to reduce the nation’s reliance on imported petroleum products and significantly contribute to the country's economic structure.

In addition to the refinery, BUA is making progress on other energy initiatives, such as the development of a mini-LNG plant and hybrid power plants across Nigeria. These efforts will expand the company’s already impressive installed captive power generation capacity, which exceeds 1,000 MW.

The company also highlighted the recent launch of a gypsum plaster production facility in Port Harcourt, with a daily capacity of 2,400 tons. This facility helps reduce Nigeria’s dependence on imports and supports local industries such as construction and housing.

BUA reiterated its commitment to transparency, urging the public to disregard any unverified information regarding its refinery and other projects unless it comes directly from the company.

Abdul Samad Rabiu’s vision for industrial transformation

BUA Group, under the leadership of Nigerian billionaire Abdul Samad Rabiu, has established itself as a key player in Nigeria's industrial and energy sectors. Founded in 1988, BUA has grown from commodity trading into cement production, sugar refining, and energy development.

Rabiu, who holds a majority stake in BUA Group, has overseen the completion of over 12 industrial projects valued at $3.5 billion in the past decade. These include cement plants, flour mills, and sugar refineries, underscoring the company’s commitment to strengthening Nigeria’s economy.

With a net worth exceeding $4.5 billion, Rabiu is one of Africa’s wealthiest individuals, and his leadership continues to guide BUA Group’s strategic role in Nigeria’s industrial and energy sectors.