Skip to main content

GOOD MOVE!!! Reps To Probe $396.33M Spent On Refineries Maintenance


The House of Representatives has resolved to probe the over $396.33m spent on Turn Around Maintenance of the nation’s three refineries.


The investigation will focus on the three refineries, Kaduna, Warri and Port Harcourt, covering 2013-2017.

The decision followed a motion moved by Ifeanyi Momoh on Thursday during plenary.

In his motion, Momoh attributed the inability of the refineries to operate at Maximum capacity to corruption.

“Nigeria has three major refineries situated at Port- Harcourt, Warri and Kaduna, with installed capacity to refine 445,000 barrels of oil, enough for domestic consumption and export.

“This objective has not been realized owing to a combination of factors, including corruption and inefficiency in the running of the refineries which regular “Turn Around Maintenances” have been mismanaged over the years,” he stated.

The lawmaker said the investigation became imperative following the report by Nigeria National Resource Charter (NNRC) which revealed that “NNPC spent a whopping $396.33 million between 2013 and 2017 to carry out repair works under the “Turn Around Maintenance” (TAM) scheme on its three decrepit refineries at Port-Harcourt, Warri and Kaduna.”

He noted that “NNPC also spent N276.872 billion on operating expenses of the refineries between 2015 and 2018, as well as $36 billion on importation of petroleum products between 2013 and 2017,” according to the report by NNRC.

Momoh stated further that “the three refineries contribute less than ten (10) percent annually to Nigeria’s Gross Domestic Product (GDP) and they are also among the league of refineries with the highest operating costs worldwide, as their consolidated capacity utilization dropped to 6.1 percent at the end of September, 2017.


Going by the reckoning of the NNRC, the $36 billion the Country spent on importation of petroleum products in the last four years could have built four brand new refineries of similar capacity for the Country with the same 650,000 barrels per day processing capacity as the refinery that Dangote Group is currently building in Lagos State.

To this effect, the House urged the Federal Government to consider divesting a certain percentage of its shareholding in Port-Harcourt, Warri and Kaduna refineries to competent investors under transparent and fair bidding process.

And mandated the Committee on Petroleum Resources (Downstream) to conduct an investigative hearing on the processes of the “Turn Around Maintenance” (TAM) at the Port-Harcourt, Warri and Kaduna refineries by the Nigerian National Petroleum Corporation (NNPC) between 2013 and date and report back in eight (8) weeks for further legislative action.
Labels:

Comments

Post a Comment

Popular posts from this blog

'I Tried My Best' - Arsenal Boss Arteta Believes He Did All He Could To Include Axed Ozil

The 32-year-old did not feature for the Gunners after lockdown and was subsequently omitted from the club's 25-man Premier League squad. Arsenal head coach Mikel Arteta believes he did all he could to give Mesut Ozil a fair shot before he axed the German from his squad.  Ozil's name was not among Arsenal's 25-man Premier League squad that was released earlier this month, which followed the playmaker's exclusion from Arsenal's Europa League squad. As the 32-year-old enters the final months of his contract with the Gunners, it now appears likely that he has played his final game for the team. Ozil did play a part for Arsenal last season, at one point starting 10 consecutive Premier League games for the Gunners before the coronavirus lockdown in March. The playmaker did not make a single appearance for Arsenal after lockdown, however, but Arteta has still insisted he gave Ozil every chance to impress before he was omitted from his team. "What I can tell you that I...
1 comment
Read more

Arteta Must Be Strong To Survive Allegri Rumours’ – Arsenal Boss Can’t Show Weakness, Says Smith

The former Gunners striker has urged an under-fire Spaniard to prove that he is the right man for the job and end links to an ex-Juventus coach Alan Smith claims it is “an open secret” that former Juventus boss Massimiliano Allegri is being recommended to Arsenal amid their ongoing struggles, with Mikel Arteta told he is going to have to show no weakness in order to “survive” the rumours. The Gunners have continued to stumble out of the blocks in 2020-21, with their worst start made to a Premier League campaign. Inability to establish any kind of momentum has the north London outfit languishing in the bottom-half of the table and glancing anxiously over their shoulder at the drop zone below them. Unsurprisingly, questions are being asked of Arteta’s ongoing presence, with a rookie coach finding out the hard way just how tough life at the top can be. Arsenal have offered no indication that they are contemplating another managerial change, but Smith says potential successors – including ...
2 comments
Read more

Arsenal's £72m Enigma: Arteta Right To Demand More From Mercurial Pepe

The Gunners' record signing may have scored his third goal of the season on Thursday night but his manager wants consistency across 90 minutes. Mikel Arteta’s answer was clear when asked what Nicolas Pepe needed to show in order to earn himself a regular starting spot in Arsenal's Premier League team. “Consistency,” said the Arsenal boss, when quizzed on the Gunners’ record signing, following Thursday’s night’s 4-1 Europa League win against Molde at the Emirates Stadium. It was a game that perfectly encapsulated the enigma that is Pepe. The £72 million ($95m) man was infuriating at times - especially in the first half - but just as he had done against Dundalk a week earlier, he popped up with an excellent goal. He also went on to add an assist for Joe Willock, a late strike which sealed a comfortable victory for Arteta’s side and all but booked Arsenal’s passage into the knockout stages. It was a classic Pepe performance and more evidence of why he remains such a puzzle in nort...
Post a Comment
Read more