Business Wema Bank, Hyundai to Build Africa's 2nd Largest Refinery in Ogun State



Wema Bank, Hyndai, Petrolex Oil and Gas, and Ajayi Legal Partner have signed a deal with the Ogun State Government to build the second largest refinery in sub-Saharan Africa in Ogun state.

The agreement will also see the building of the largest petroleum product depot in Nigeria in the state.

Chairman of Petrolex Group, Mr. Segun Adebutu, said the two projects which will be located in Odognolu Local Government Area of the state, and would generate at least 2000 jobs when completed.

Head of Corporate Banking at Wema Bank, Henry Alakhume, also expressed happiness at the agreement.

“Wema Bank is proud to support PetrolexGroup in the refinery and petroleum depot project. We believe this will significantly boost Nigeria’s economy and create much needed jobs,” he said.

“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,” Ogun state governor, Ibikunle Amosun added.


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