President Bola Tinubu has revealed that two of Nigeria’s most prominent global investors, Hakeem Bello-Osagie and Bayo Ogunlesi, are in advanced discussions to inject massive capital into Nigeria’s oil and gas sector, with strong indications pointing toward a refinery project that could rival the $20 billion Dangote Refinery. The disclosure came after a high-stakes meeting with the duo in Lagos on Monday, signaling a potentially game-changing development for Nigeria’s energy landscape.
Tinubu described the investors as credible Nigerians whose global networks and financial muscle would help reposition the country’s energy sector. “We agreed on the urgency of unlocking large-scale investments in upstream oil and gas and critical infrastructure to drive Nigeria’s long-term growth,” the president stated, adding that Nigeria remains ready to partner with credible global investors to deliver energy security and modern infrastructure.
The timing of this announcement is particularly significant, coming amid repeated operational challenges at the Dangote Refinery, including a recent shutdown triggered by industrial action from the Petroleum and Natural Gas Senior Staff Association of Nigeria. These disruptions have raised questions about the facility’s stability and created an opening for alternative investments in the sector.
Bello-Osagie, former chairman of United Bank for Africa and founder of Metis Capital Partners, brings decades of experience in telecommunications, energy, and finance. Meanwhile, Ogunlesi, chairman of Global Infrastructure Partners and lead director at BlackRock, manages one of the world’s largest infrastructure funds with multi-billion-dollar stakes in airports, energy facilities, and transportation assets across continents. Industry analysts note that their combined pedigree and access to international capital could unlock a project that reshapes Nigeria’s refining capacity and reduces the nation’s reliance on fuel imports.
Tinubu emphasized that his administration’s reforms are creating a more enabling business environment and opening new frontiers for sustainable financing, global capital, and transformative projects. “We are determined to make Nigeria Africa’s premier investment destination,” he stressed, as speculation mounts that the country could soon host another world-class refinery to provide competition and stability in the downstream sector.
Source: newsmakerslive.org