Business
NNPCL Signs Bold Deal With Chinese Firms for Refinery Revival
NNPCL refinery China partnership MoU signed with two firms to support Port Harcourt and Warri refineries’ restart, expansion and long-term viability
The Nigerian National Petroleum Company Limited has signed a Memorandum of Understanding with two Chinese firms, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, in a strategic move aimed at reviving Nigeria’s ailing refineries.
Also read: NNPCL Begins Preparations for Commercial Drilling in Ogun
Partnership MoU was formalised on Thursday, April 30, 2026, in Jiaxing City, China, and announced in a statement issued on Monday by the company’s Chief Corporate Communications Officer, Andy Odeh.
The agreement was signed by NNPCL Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, alongside representatives of the Chinese companies, marking what the company described as a significant milestone after months of technical discussions.
Ojulari said the engagement represents a deliberate effort to identify credible partners capable of supporting the restart, expansion and long-term profitability of the Port Harcourt and Warri refineries.
He explained that all parties involved recognise the need for a mutually beneficial framework that would ensure sustainable operations and improved efficiency across Nigeria’s refining assets.
According to him, the MoU is part of a broader strategy to explore technical equity partnerships, including opportunities in petrochemical development and gas-based industrial projects linked to refinery operations.
The agreement is expected to open further commercial and technical discussions on how to restore full functionality to the facilities and improve their long-term viability.
However, the statement did not provide details on funding commitments or clarify whether the Chinese partners would provide direct financing, equity participation, or operational management support.
The latest development comes after years of costly rehabilitation efforts on Nigeria’s state-owned refineries, including multi-billion-dollar investments under previous administrations, which have yet to deliver consistent operational success.
Port Harcourt refinery briefly resumed production in late 2024 but reportedly shut down months later, while the Warri facility has remained central to ongoing government efforts to revive domestic refining capacity.
Also read: Ogun Residents Demand End to Border Fuel Ban
With this new partnership, NNPCL is seeking a more sustainable operational model that blends technical expertise with potential equity participation to ensure long-term stability.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
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