BUA Group, founded by billionaire businessman Abdul Samad Rabiu, has debunked recent reports suggesting that its 200,000 barrels/day refinery in Akwa Ibom State is 90% complete.
The company clarified that the claims did not originate from its official channels and should be disregarded.
In a statement released on Sunday, BUA’s management emphasized that while construction on the refinery is progressing steadily, it has not yet reached 90% completion. The company assured stakeholders that the project remains on track to meet its planned delivery timelines.
“Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us,” the statement read.
“As we make remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily. Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners.”
BUA reaffirmed the significance of the refinery project, highlighting its role in bolstering Nigeria’s refining capacity and energy security.
“This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security,” the company said.
The statement also spotlighted BUA’s ongoing energy projects, including the development of a mini-LNG plant and hybrid power plants across Nigeria. These initiatives aim to enhance the company’s over 1,000MW of installed captive power generation capacity.
“Our other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country to add additional capacity to our over 1,000MW installed captive power generation capacity, are also progressing rapidly,” the company added.
BUA urged the public to verify any reports about its projects through official channels to avoid misinformation. The company reiterated its commitment to transparency and promised to provide verified updates as milestones are reached.
