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NNPC dragging Nigeria into financial mess over Port Harcourt refinery – Peterside



The Founder of Stanbic IBTC, Atedo Peterside, has faulted the Nigerian National Petroleum Corporation (NNPC)’s insistence on the rehabilitation of the Port Harcourt refinery with $1.5 billion.

Peterside has been criticising the corporation’s decision since the rehabilitation plan was announced over a week ago.

The entrepreneur, who spoke on the development on Twitter Sunday, said NNPC is trying to drag Nigeria into a financial mess.

READ ALSO: Nigeria’s exit from economic recession has no impact on citizens – Peterside

He said the corporation created the problem which the Port Harcourt refinery has been experiencing, adding that two years ago, the refinery recorded zero revenue despite incurring a significant loss.

He insisted that NNPC is trying to disburse $1.5 billion into a problem it created.

Peterside said: “In 2019, Port Harcourt refinery contributed zero revenue but incurred costs of N47 billion; almost N4 billion 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?”

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