Peterside Atedo kicks against $1.5bn for repair of PH refinery

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Founder of Stanbic IBTC and Anap Foundation, Atedo Peterside, has kicked against plans by the National Corporation (NNPC) to spend $1.5bn repair of Port Harcourt refinery.

He said the refinery Rivers generated no revenue 2019 but incurred processing and administrative costs of N47 during the same period.

a tweet Sunday, he accused NNPC of attempting to plunge into a financial mess with the proposed repair.

According to him, it is advisable the refinery is sold to qualified investors.

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

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

March 17, the Federal Executive Council (FEC) approved $1.5bn for rehabilitation of the refinery.

Minister of for , Timipre Sylva, said the rehabilitation be done in three phases of 18, 24 and 44 months.

He added that the be awarded to Tecnimont SPA, an Italian company.