On Monday, May 22, 2023, business leaders, captains of industries, members of the Organized Private Sector, and political leaders across Africa, gathered in Lagos, Nigeria’s commercial capital, for the commissioning of the Dangote Petroleum Refinery, the newest member company of the Dangote Group.
Located at the Lekki Free Zone and billed as Africa’s biggest oil refinery and the world’s largest single-train facility, the multi-billion-dollar project is expected to create a market for $21 billion per annum of Nigerian crude and reposition the country as an energy hub globally. The Refinery is projected to meet 100% domestic demands for all refined products with surplus for export to global markets. General Muhammadu Buhari, who was barely a week from the expiration of his tenure as the country’s president, commissioned the project.
Reputed as having the largest pipeline infrastructure in the world with 1,100 kilometers to handle 3 billion standard cubic foot of gas per day, the $20 billion integrated refinery project has a 435-megawatt power plant and a fertilizer plant with capacity of 3 million tonnes per annum. Lying on 2,635 hectares of land with a refining capacity of 650,000 barrels per day, the Dangote Petroleum Refinery aims at daily production of up to 53 million liters of gasoline, 4 million liters of diesel, and 2 million liters of aviation jet fuel. The project is expected to create more than 100,000 direct and indirect jobs in Nigeria.
Banwo & Ighodalo, Nigeria’s leading corporate and commercial law firm, played a pivotal role in advising the Dangote Group in connection with the financing of the construction and operation of the state-of-the-art greenfield crude oil refinery. The law firm was an active and trusted adviser in the incredible journey which started in 2016 and successfully ended in the commissioning of the $20 billion facility towards the end of May 2023. The firm’s legal team worked alongside the Dangote Group in providing expert advice and guidance for navigating the complex transactions around the huge project.
