Petrolex sets enviable records amidst spurious allegations


Petrolex, the oil and gas company headed by Segun Adebutu, scion of foremost businessman and founder of Premier Lotto, Kessington Adebutu has made many laudable contributions to the society. It is therefore surprising that it will be a target of media attacks aimed at tainting its enviable profile.

However, the company’s track record alone serves to protect its integrity. With remarkable monumental initiatives, widely acknowledge at both National and international levels, Petrolex is contributing immensely to the Ogun State economy and Nigeria in general. Petrolex has invested over $500 million in building facilities in Ogun State. Unlike many other prominent businessmen siting their facilities outside their state of origin, Segun has set up the Petrolex Mega oil city, containing the largest tank farm in sub-Saharan Africa in his mother’s town, Ibefun in Ogun State. At Ibefun, Petrolex has carved out 30,000 acres of pristine swamp forest and is developing it into a thriving petrochemical hub that is expected to supply a sizable part of the country’s petroleum products consumption and create a significant impact on the economy.
At the capacity of 300 million litres, the Petrolex tank farm is expected to account for over 30% of petroleum product consumption in Nigeria within the next few years. Moreover, Petrolex plans to invest up to $5billion into developing various monumental projects at the site over the next 5 years. The biggest of these is the 250,000 barrels per day refinery, which will be sub-Saharan Africa’s second largest when completed. Does that look like a company that is lacking in integrity? Petrolex has also been a local content champion, giving out some of the most important contracts at the mega oil city to local contractors. As a reputable company operating at international standards, Petrolex functions with properly defined processes and is monitored by regulatory bodies concerned with the oil and gas industry.
The ingenuity and integrity of the Petrolex dream has been verified by many prominent people in Nigeria, including Vice President Pro Yemi Osinbajo; Minister of state for Petroleum Resources; Dr Ibe Kachikwu, NNPC GMD; Dr Maikantu Baru, the Governors of Oyo and Benue states, many senators, Ministers, CEOs and other dignitaries. All were present at the commissioning of the Petrolex Mega oil city on December 15, 2017.
Having monitored the emergence and success story of Segun Adebutu’s Petrolex, I am saddened by this callous attempt to destroy a company that has contributed immensely to the country and is set to achieve much more in the future. I am often astonished at the willingness of the black man to pull another black man down, even if it means doing it to the detriment of millions of innocent people who will be affected negatively. I appeal to those behind these attacks to sheath their sword and give peace a chance.


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