Bioremediation is the use of environmentally friendly organisms to breakdown the toxic compounds and components in polluted wastewater. The microorganism used in the bioremediation was the microalgae Snedesmus Dimorphus because it has the ability to breakdown the toxic components and reduce the heavy metals present in industrial wastewaters it was obtained from the Dept. of Fisheries University of Benin, cultured and then used to treat the Refinery and Rubber wastewater for the period of 28 days. The Snedesmus Dimorphus immensely reduced the BOD, COD, and the heavy metal concentration in both wastewater samples on the average of an 85% reduction; hence making them less toxic and fit to be discharged into surrounding water bodies and the lipid content obtained from the extraction was recorded at 15% per 90g of dried algae biomass. The lipid or algae oil obtained can be used for many purposes especially in the production of fine bio-fuels and bio-chemicals.