Investment of $10M equity in modular refinery – Waltersmith executes shareholder agreement with the Nigerian Content Developement and Monitoring Board

June 4, 2018 - 1 minute read

Waltersmith has executed a Shareholder Agreement with NCDMB for the investment of $10m (Ten Million Dollars Only) as Equity Investment in the 5, 000 modular refinery.

The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote and the Director of Finance and Personnel Management, Mr. Isaac Yalah signed on behalf of the Board while the Chairman of Waltersmith, Mr. Abdulrasaq Isa and the Executive Vice-Chairman, Mr. Danjuma Saleh signed for the company. NCDMB will take 30% shares in the new company, Waltersmith Refinery and Petrochemical Company Ltd.

According to the Executive Secretary of NCDMB, Engr. Simbi Wabote the investment decision was in line with the Board’s vision ‘to be the catalyst for the industrialization of the Nigerian oil and gas industry and its linkage sectors.’ The Board was also keen, he added, to support the Federal Government’s policy on modular refineries and meet the key objectives of the Petroleum Industry’s Seven Big Wins launched by President Mohammed Buhari in October 2016 and the Economic Recovery and Growth Program (EGRP).

The NCDMB also recognises the opportunity to create a long term multiplier effect on the Nigerian economy through the realisation of the project.