Jim Ovia Pegs $1.5 Billion Petrochemical Plant in Akwa Ibom


Quantum Petrochemical, a new company founded by Nigerian multi-millionaire banker Jim Ovia, is constructing a $1.5 billion petrochemical plant in Ibeno, Akwa-Ibom State, in Nigeria’s South-South region.

According to ThisDay newspaper, the company has selected IHS and SAIPEM as the lead consultant and project developer respectively, to manage the project.

President Goodluck Jonathan, who performed the groundbreaking ceremony for the construction of the plant on Thursday, promised that the Nigerian government would lend its wholehearted support to ensure the successful completion of the project, while also commending the businessman for his commitment to investing in Nigeria.

“I would like to encourage Mr. Jim Ovia and his board not to relent in their efforts to support the growth of entrepreneurship in the Nigerian economy,” the President said.

Upon completion, the new facility will produce petrochemicals such as polyethylene, polypropylene and methanol, and create thousands of new jobs.

“This petrochemical park will enable a whole host of local industries to sprout and flourish, providing significant employment opportunities for Nigerians,” Ovia said.

Jim Ovia, 60, is the 19th richest man in Africa with a net worth FORBES estimates at $900 million. He is the founder of Zenith Bank, a larger Nigerian financial services conglomerate. He is also the founder of Visafone, a mobile telecoms outfit.

Source: Forbes [Author] @


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