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RIVERS: ‘Nightmare’ PH refinery generated zero revenue, incurred N47bn expenses in 2019 –Peterside

FOUNDER of Stanbic IBTC, Atedo Peterside, has again questioned the rationale behind the plan to spend $1.5 billion to renovate the Port Harcourt refinery.

Atedo’s latest comment on the refinery will be the second time in less than a week that founder of Anap Foundation will intervene on the national matter.

In his recent remark Peterside, who described the Port-Harcourt refinery as a “nightmare”, insisted the refinery should be sold to qualified investors.

The notable entrepreneur noted that the PH refinery generated zero revenue in 2019 but incurred costs of N47b.

Peterside said this on his official Twitter handle today noting that the NNPC will only end up putting Nigeria into a financial mess.

“In 2019, PH Refinery contributed zero revenue, but incurred costs of N47bn; almost N4bn a month!

“Instead of ending this nightmare through a #BPE core investor sale, #NNPC wants to enmesh Nigeria into a deeper financial mess by throwing $1.5bn (incl. debt) at a problem it created?”

About four days ago, Peterside, had asked the Federal Government to stop the plan to renovate the PH refinery.

He challenged government to use Nigerians as sounding boards for its proposed plan through public debate.

“Yes, we must debate important and costly decisions such as the $1.5bn brazen PH Refinery rehabilitation project. Experts should speak up!”

He added in a tweet, “FG should halt $1.5bn approval for repair of Port Harcourt refinery and subject this brazen & expensive adventure to an informed national debate.

“Many experts prefer that this refinery is sold “as is” by BPE to core-investors with proven capacity to repair it with their own funds”.

But the NNPC in a swift reaction said it is more economical to repair the refinery.

NNPC GMD, Mele Kyari claimed it will cost $12billion to build a new one with the same 210,000 barrels capacity.

In his own case, the Minsiter of State for Petroleum, Timipre Sylva, said the rehabilitation will be done in three phases of 18, 24 and 44 months.

Sylva said Nigerians Buhari wants to leave behind a legacy of good refineries adding that Nigerians should hold him accountable for every Kobo spent on the renovation.

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