Wema Bank to finance the construction of Africa’s second largest refinery

Wema Bank Plc. 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 Odognolu Local Government Area of the state, when completed would generate at least 2000 jobs and greatly increase the socio-economic condition of the host state.

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

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

Speaking during the signing ceremony, 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.

Wema Bank recently supported the Lagos State Government and the Justice Research Institute Ltd. with N20 million to deliver a world-class archiving service aimed at transforming record management in the Lagos State High Court.

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