In a transformative move for Nigeria’s energy industry, Gasoline Associates International Limited (GAIL), led by its Chairman and CEO, Lukman Akande Bolaji, has announced the launch of a major refinery project in Ipokia, Ogun State.

The new refinery will begin with a capacity to process 100,000 barrels of crude oil per day, with long-term plans to scale up to 450,000 barrels daily.

Solving Nigeria’s fuel dependency crisis

Once operational, the refinery will produce critical petroleum products such as Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), and Jet Fuel (ATK), while also delivering petrochemical derivatives to both domestic and international markets.

Bolaji’s initiative is a direct response to Nigeria’s heavy reliance on imported fuel, aiming to reduce the economic strain of foreign exchange spent on refined petroleum products.

The refinery positions Ogun State as a new industrial hub, enhancing West Africa’s energy resilience and attracting global investment interest.

The project has already garnered attention from key stakeholders, including the WOFBI Alumni Association, which aligns with Bolaji’s transformational leadership ethos.

A visionary leader with global reach

With over 25 years of experience across IT, banking, energy, academia, and international consulting, Bolaji brings an unmatched blend of technical expertise and global insight.

His impressive credentials include fellowships with the Institute of Internal Auditors, Chartered Institute of Bankers, Nigerian Institute of Management, and the Chartered Institute of Marketing (UK), among others.

According to The Nation's report, this rich professional background gives him the depth needed to manage such an ambitious venture.

Bridging local potential with global capital

Bolaji’s international footprint extends to China, the United States, and the United Kingdom, where he served as director and person of significant control at Gasoline Associates International UK Limited.

His work with the Nigerian-American Chamber of Commerce, particularly as President of the Ogun State chapter, exemplifies his knack for forging strategic partnerships.

Refining oil, promising a new chapter

What truly sets Dr. Bolaji apart is his values-driven leadership. Rooted in faith, integrity, and service, his vision goes beyond profits.

It’s about building a lasting legacy of shared prosperity, anchored in national development and industrial growth.

As featured in Universal Truth Magazine by the WOFBI Alumni Association, Bolaji’s story is more than an industrial tale; it’s a movement.

FG grants licenses to more refineries

The Federal Government has issued new licences to boost Nigeria’s refining capacity, with nine modular refineries receiving approval through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Speaking at the 2024 Oil Trading & Logistics (OTL) Africa Downstream Energy Week held in Lagos, NMDPRA Chief Executive Officer, Farouk Ahmed, revealed that the approvals were granted within the past year under the administration of President Bola Tinubu.

Ahmed highlighted that the country's refining landscape is expanding, citing the progress of the Dangote Refinery as a key contributor.

He added that NMDPRA has approved nine licences for the establishment of modular refineries, seven for construction, and four for operational takeoff.

Dangote plans to upgrade the refinery

A refinery may be rising in Ogun, but so too is hope for a self-reliant energy future in Nigeria.

When fully operational, the facility will become Nigeria’s second-largest refinery after Dangote Refinery.

A prior report by Legit.ng disclosed that Aliko Dangote plans to upgrade his refinery to 700,000 from 650,000 bpd.

This will position the refinery as Africa’s largest and sixth biggest refining facility globally.

Dangote battles marketers over fuel imports

Legit.ng earlier reported that Aliko Dangote, President of Dangote Group, has called on President Bola Tinubu to expand the 'Nigeria First' policy by banning the importation of refined petroleum products.

His request, made at a major industry conference, has sparked intense backlash from independent oil marketers and sector analysts who say such a move could cripple competition and empower a monopoly.

The ‘Nigeria First’ directive, announced in May 2025, restricts government agencies from importing goods and services that are already available locally, unless granted a special waiver.