Atedo Peterside has condemned the planned revamping work on the Port Harcourt refinery, stating that the Nigerian National Corporation (NNPC) would throw the country in a “financial mess”.
He said that the refinery had incurred costs of N47 billion despite not producing any oil.
The entrepreneur and found of ANAP foundation, described the proposed $1.5 billion for the repairs of the refinery as a “nightmare”.
He suggested that the repairs be ended through a Bureau of Public Enterprises (BPE) investor sale.
The outspoken businessman shared his thoughts on the subject on Twitter on Sunday.
He said, “In 2019, Port Harcourt refinery contributed zero revenue but incurred costs of N47 billion; almost N4 billion a month!
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“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?”
Prior to that tweet, he had urged the federal government, in another tweet, to put a stop to the repairs of the Port Harcourt refinery, describing it as a “brazen and expensive adventure”.
