BUA Group Chairman Abdul Samad Rabiu is behind a planned 200,000-barrel-per-day refinery in Akwa Ibom State, a project that was initially expected to begin operations in 2024 but missed that target and is now reportedly targeting commissioning in the first quarter of 2027.
Who Is Behind the BUA Refinery?
BUA Refinery and Petrochemicals Limited is part of BUA Group, the conglomerate founded by Abdul Samad Rabiu, who has built his fortune through investments in cement, food processing, and other industries. The refinery represents the group's expansion into the oil and gas sector, according to Proshare.
Rabiu is frequently ranked among Nigeria's wealthiest individuals, although his precise position depends on the publication and date of the wealth ranking. He is often referred to as Nigeria's second-richest man.
Planned Capacity and Products
The proposed facility is designed to process up to 200,000 barrels of crude oil per day. According to technology provider Axens, the integrated project is expected to produce petrol, diesel, and jet fuel meeting Euro V specifications, alongside propylene for manufacturing polypropylene used in plastics and packaging.
If it reaches its planned capacity, the refinery could become a significant contributor to Nigeria's domestic petroleum supply. The project is also expected to create employment opportunities and support businesses involved in transportation, logistics, construction, and petroleum distribution.
Location and Regional Reach
The refinery project is planned for Akwa Ibom State in southern Nigeria, with Ibeno identified as its location in project reports. The facility is intended to serve domestic consumers and markets across the wider region.
The development comes as Nigeria's refining industry attracts significant investment, with local companies seeking to increase domestic petroleum production and reduce dependence on imported fuel.
Technology Partner and Timeline Shifts
BUA Group selected France-based Axens in 2020 to supply process technologies for the refinery and petrochemical complex. The agreement covered technology licences, engineering, equipment, catalysts, training, and technical services.
The project was initially expected to become operational in 2024, subject to construction progress and other conditions. That deadline passed without the refinery commencing operations as originally projected. In January 2025, BUA management rejected reports claiming the facility was 90% complete, stating that construction was still progressing and that the project remained on track to meet its delivery timelines. In July 2026, a report said Rabiu was targeting commissioning in the first quarter of 2027.
Related Developments in Nigeria's Refining Sector
In a related development, former President Olusegun Obasanjo has commended Azikel Group President Azibapu Eruani for investing $1 billion in a private oil refinery in Bayelsa State, urging the project's backers to complete the facility within 12 months. Obasanjo spoke during a recent ceremony marking the symbolic installation of the refinery's Crude Distillation Unit (CDU) at the Azikel Refinery site in Obunagha community, Yenagoa Local Government Area, saying the progress made at the facility demonstrated Eruani's commitment to the project.
These projects reflect a broader push by Nigerian billionaires to expand domestic refining capacity, with the BUA Refinery in Akwa Ibom set to play a key role if it achieves its planned output and commissioning targets.
