Wema Bank, Ogun, others seal funding pact on new refinery

Wema Bank and three other companies Petrolex Oil and Gas, Hyundai and Ajayi Legal Partner have signed a deal with the Ogun State Government to build the second largest refinery in sub-Saharan Africa and the largest petroleum product depot in Nigeria.

The Chairman, Petrolex Group, Mr. Segun Adebutu, while speaking at the signing ceremony, said the two projects which will be located in Odogbolu Local Government Area of the state, when completed would generate at least 2000 jobs and greatly increase the socioeconomic condition of the host state.

Commenting on the project, Head of Corporate Banking, Wema Bank, Henry Alakhume, expressed delight at the deal.

According to him, the Bank is proud to support Petrolex Group in the refinery and petroleum depot project, adding that the project will significantly boost Nigeria’s economy and create much needed jobs.

Ogun State Governor, Ibikunle Amosun, assured Wema Bank and members of the consortium of his administration’s commitment to fully support the project.

“We have the political will and we would support the project fully. You can be rest assured that I will get involved, when necessary, in order to ensure that the project is a success,” Amosun said.

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