Dear Akwa Ibomites,

I am greatly honored to present to you a progress report on the first privately owned oil refinery in Nigeria, Amakpe International Refineries (Nigeria) Ltd.

First, I would like to thank all the Akwa Ibom people who have contributed their thoughts, prayers and sweat equity to this pioneering effort and above all to the memory of my friend and a leader in the fight for enabling economic freedom for Ibomites, the late Dr. Nsidibe Ikpe . His surviving wife, Helen Ikpe has stepped into his shoes and has performed quite admirably.

Ten years ago when Nsidibe and I started pursuing this gigantic project, it was quite clear to us that it was a herculean task but we travelled across the length of our great state talking to the ordinary people and business people including the opportunity to engage the Akwa Ibom state government through the participation of Akwa Ibom Investment and Industrial Promotion Council (AKIIPOC) as an equity partner. We were invigorated by the enormous response and good will that we received and so we embarked on a mission that has obviously tested our mettle.

I am very proud to announce that our engineering partners have achieved a 100% completion of the fabrication of plant and machinery for the first phase 6,000 BPD (barrels per day) of the Amakpe refineries project. We arrived at this milestone by a careful and meticulous execution of our plans in spite of major cost overruns coupled with current world wide economic turbulence. Our major lenders directly provided funding to the engineering firm specifically for the project and current financial shortfall resulted from the unforeseen project cost overruns and delays.

A project of this size and complexity deserves the engineering prowess and expertise of a world renown and experienced engineering firm and that’s why we engaged the professional services of Ventech International Engineers based in Pasadena, Texas for equipment manufacturing and fabrication. UPS Capital Business Credit based in Windsor, Connecticut along with comprehensive insurance guarantees from US Export-Import Bank (EX-IM BANK) provided a short term credit facility. Sterling Bank, Plc, a strong believer in this project provided credit facilities and guarantees while Nigeria’s Export-Import Bank (NEXIM BANK) financed a short term bridge loan. We are also indebted to the professional services of our financial and project development consultants- Financialbridge Inc of Miami, Florida. We have received help and support from numerous professionals and organizations and to them I express infinite gratitude.

Throughout this grueling process, we have worked assiduously with the Department of Petroleum Resources (DPR), the federal government’s agency responsible for the licensing and regulation of petrochemical companies in Nigeria. In this regard, the engineers from DPR fiercely tested and inspected our design and engineering metrics and physically travelled to the manufacturing facility in Pasadena, Texas to insure strict adherence to the blue print. It was abundantly clear to us that we are working with a new breed of Nigerian professionals. This relentless effort and vigorous pursuit of excellence has earned Amakpe International Refineries (Nigeria) the sole designation of the first and only privately owned oil refinery in Nigeria. We have posted a copy of DPR’s certification for your perusal and review.

As a result, we are receiving increased inquiries from potential investors across the globe to help us increase funding and operational capacity in order for all of us to achieve improved employment opportunities for our citizens and demonstrate to the outside world that Akwa Ibomites are capable of achieving uncommon goals.

We are making available on our web site pertinent information on the road travelled in order to help our citizens make informed judgment on the project and as always we welcome your inquiries and comments. Long live Akwa Ibom State!

Sincerely,

Chief Usua H. Amanam
President/CEO
AMAKPE INTERNATIONAL REFINERIES (NIGERIA) LTD.