BUA Group Refutes Report Claiming 90% Completion Of 200,000 Barrels/Day Akwa Ibom Refinery
The Chairman/CEO of BUA Group is billionaire businessman Abdul Samad Rabiu.
BUA Group has refuted a report claiming that its 200,000 barrels/day refinery in Akwa Ibom State is at 90% completion.
The Chairman/CEO of BUA Group is billionaire businessman Abdul Samad Rabiu.
The company has advised the public to disregard such claims, noting that the report did not originate from its official channels.
A statement released by the BUA management on Sunday to clarify the matter emphasised that the construction on the refinery project is progressing steadily, and the company is on track to meet the planned delivery timelines in partnership with its collaborators.
The statement further clarified that while the refinery is not yet 90% complete, progress is substantial, and the project remains a key part of Nigeria’s plan to enhance its refining capacity and energy security.
“Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us,” it said.
“As we make remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily. Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners.
“This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security,” it said.
The company also highlighted its other energy initiatives, such as the development of a mini-LNG plant and hybrid power plants across Nigeria, aimed at adding further capacity to its over 1,000MW of installed captive power generation.
“Our other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country to add additional capacity to our over 1,000MW installed captive power generation capacity, are also progressing rapidly,” it said.
BUA urged the public to verify any news through its official channels to avoid being misled by unreliable sources, reaffirming its commitment to transparency and accuracy in all communications.
The company further reiterated that, as it has done with over 12 completed industrial projects valued at over $3.5 billion in the past decade, it will continue to provide verified information and updates as milestones are reached.
