Total Energies is set to begin building a 5000 barrels per day modular refinery at the Abia Industrial Innovation Park before the end of the year. This information was disclosed by the Managing Director of AIIP, Engr Chinedu Onyeizu during an interaction with journalists at his Abayi Ohanze Country home.
Onyeizu affirmed that the planning stages for the project are ongoing, with groundbreaking scheduled before the year’s end. He recalled his plans if elected as the former Abia South Senatorial Candidate of the Labour Party, stating that the AIIP project would actualize his vision.
Over ten multinationals have shown interest in investing in AIIP, according to Onyeizu, who also mentioned that feasibility studies began last year. He stated, “We just got a draft from KPMG last week, so we’re looking at it. In the last couple of weeks, max. 2 weeks, we should have a report of the feasibility studies.”
Regarding investor interest, Onyeizu said, “Preliminary report shows very strong KPIs, strong indicators that’ll encourage investment. We’re looking at an ROI of about 28% and a payout of, I think, 7.8 years.”
He highlighted challenges such as Nigeria’s unsteady exchange rate affecting investor interest and mentioned opportunities for local investors, including steady electricity and a tax-free export zone.
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[Exclusive Part 2] What I could have done in Senate— Engr Onyeizu
Addressing benefits for host communities, Onyeizu praised Governor Alex Otti for introducing a model for ownership stake, noting that host communities would receive a 5% ownership stake and other benefits, including the right of first refusal for jobs.
On the Enyimba Economic City project from the past administration, Onyeizu emphasized that both projects are complementary, not competing. He encouraged the promoters of the EEC project to intensify efforts towards success.
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