On December 12, 2017, the Vice President, Yemi Osinbajo, was at Ibefun, Ogun State to commission Africa’s largest tank farm built by indigenous oil and gas company, Petrolex Oil and Gas Limited.

Without the legacy investment by Petrolex, perhaps most people would never have heard about Ibefun. It is a small Ijebu town close to Itoikin, one of Epe’s satellite towns. The people of Ibefun are traditionally farmers and fishermen. The town is located at the bank of a river, which connects to the Lagos Lagoon. It is approachable from Lagos mainland, via Ikorodu through Itoikin. It is also accessible from Lagos Island via Epe. Lastly, it is accessible from other parts of the country via the Lagos-Ibadan expressway through the Sagamu road. 

The situation of the Petrolex Mega Oil City has finally put the name of the sleepy town on the map and created immense opportunities for its people. So much has been said already about Petrolex Mega Oil City and the ongoing projects there.

The property is the site of a 300 million litre capacity tank farm with 20 storage tanks. It the location of the location proposed 250,000bpd refinery as well as a lube plant, fertilizer plant and gas processing facility. All these facilities will be ready at full completion of the mega city. The intention of Petrolex is that the area becomes a large energy estate that will be the biggest and best in Africa.

So much has also been said about the benefits of the mega oil city to the Nigerian economy. Nigeria is the largest producer of oil in Africa, yet it has had to face fuel shortages in recent times. A storage facility of this size will increase the availability of petroleum products and reduce the likelihood of a fuel shortage. Moreover, a new Petrolex refinery will complement Dangote’s refinery which is already nearing completion, to make-up for the poor output of government-owned refineries that have been operating at 5-10% capacity.

The gridlock at Apapa and Ibafo is another problem that the Petrolex mega oil city hopes to resolve. According to the Chairman of Petrolex, Mr Segun Adebutu, he lived in Apapa, but had to pack out one day when there was a gas build-up in one of barges and it exploded and shattered glass in his house.

Segun adebutu is an ijebu billionaire who is building the second largest refinery in Nigeria in Ogun state

Segun Adebutu is Chairman and Chief Executive Officer of Petrolex Oil & Gas Ltd, a company presently[when?] building “the second largest refinery in sub-Saharan Africa and the largest petroleum product depot in Nigeria” in Ogun State. Segun Adebutu serves as the Executive Director and member of the Board of Premier Lotto Nigeria Limited. He is the Chairman of Bluebridge Marine and Oladiran Agro-Allied Company, Oladiran Engineering & Trade Limited. He ventured into entertainment business when he founded a music record label, named Baseline Records, which signed on music artistes like: Skales, Saeon, and others.