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HomeBusinessOsun State signs MoU with private firm to build Bio-Refinery firm

Osun State signs MoU with private firm to build Bio-Refinery firm

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Osun State government has signed a Memorandum of Understanding (MoU) with a firm, VirtueplusTwo Integrated Nigeria Limited, for the establishment of a bio-refinery in the state.

Bio refinery is based on renewable bio-based resources for the production of materials and energy.

biorefinery is a facility that integrates biomass conversion processes and equipment to produce fuels, power, and value-added chemicals from biomass.

Biorefinery is analogous to today’s petroleum refinery, which produces multiple fuels and products from petroleum. By producing several products, a biorefinery takes advantage of the various components in biomass and their intermediates, therefore maximizing the value derived from the biomass feedstock.

The proposed refinery will be situated on a large expanse of land measuring over 20 acres in Ayekale area in Boripe Local Government Area of the state, the bio-refinery is the first of its kind in the state.

At a brief signing ceremony witnessed the state governor, Adegboyega Oyetola said it took his government long time to carefully study the MoU bothering on the integrity and competence of the firm that would put in place such a multi-million naira project in the state.

While signing the pact on behalf the governor, the Commissioner for Environment and Sanitation, Sola Oladepo, described it as another breakthrough made by Oyetola in the area of industrialisation of the state.

Oladepo lauded the zeal and commitment of the governor at all times to put the economy of the state and its people on a sound footing notwithstanding the harsh economic realities in the country at the moment.

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According to the commissioner, the establishment of a bio-refinery in a state like Osun will aid the growth of small and medium scale enterprises.

“A moratorium period of two years have been given to a firm known as VirtueplusTwo Integrated Nigeria Limited to build a bio-refinery in our state.

“This is in pursuance of Governor Oyetola’s commitment for the development of both human and material resources for a bigger and greater Osun State.

“For instance, by the time a bio-refinery of this magnitude becomes fully functional in Ayekale area of the state, it would create 5,000 direct and 10,000 indirect employment opportunities for the people.

“The attendant benefits of the bio refinery are therefore immeasurable for the citizens and non-citizens of our dear old state,” He said.

In his remarks, the Chairman/Managing Director of VirtueplusTwo Integrated Nigeria Limited, Segun Iroko, appreciated the government and the people of the state.

Iroko, while specifically appreciating the governor, also lauded the confidence reposed in his firm to put in place the first ever bio refinery in the state, which he said is still basking in the euphoria of its three decades of existence.

According to him, in few days’ time, work will commence in earnest at the site of the bio refinery in Ayekale area.


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