By our reporter| As the debate rages over the decision of the federal government to approve the sum of N1.5 billion for rehabilitation of the Port Harcourt refinery, the founder of Stanbic IBTC and Anap Foundation, Atedo Peterside on Sunday said the refinery in question generated no revenue in 2019.
He further revealed that the refinery incurred processing and administrative costs of N47 billion during the same period.
Peterside who made the disclosure in a tweet via his verified Twitter handle, accused the Nigerian National Petroleum Corporation (NNPC) of pushing the country into a financial mess.
The respected Banker urged the federal government to sell the refinery to qualified investors.
“In 2019, PH Refinery contributed zero revenue, but incurred costs of N47bn; almost N4bn a month!” the tweet read.
“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?”
The federal executive council (FEC) recently approved the sum of N1.5 billion for rehabilitation of the refinery by Tecnimont SPA, an Italian company.
According to Nigeria’s minister of state for petroleum, Timipre Sylva, the rehabilitation will be done in three phases of 18, 24, and 44 months.
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