Reps halt privatisation of refineries by NNPC

Reps halt privatisation of refineries by NNPC


The House of Representatives on Wednesday stopped the privatisation of the country’s refineries by the Nigerian National Petroleum Corporation for failure follow due process.

The House Committee on Privatisation took the position in Abuja after it expressed dissatisfaction with the presentation of the Group Executive Director (Refineries) of the NNPC, Anibor Kragha.

“The NNPC initiated the procedure without following the due process,” the committee stated.

Kragha during his submission told the committee that the NNPC was only seeking a joint venture in the management of the refineries and was not privatising it.

“NNPC does not have the mandate to privatise, it is a misrepresentation,” he said.

The GED, who said he was appointed in April 2016, explained that he was not aware of the letters written to the NNPC by the Bureau of Public Enterprise on the said privatisation of the refineries.

On his part, the Acting Director General of BPE, Vincent Akpotabie, said the Bureau was not aware that the NNPC was making a move to privatise the refineries.

He further explained that the immediate past administration of Dr. Goodluck Jonathan had begun preparing a framework for the privatisation of the refineries.

After hearing both submissions, the committee said the NNPC violated section 11 of the BPE Act, adding that the joint venture agreement, NNPC claimed to be seeking, had over time failed the country.

The Chairman of the Committee, Rep. Ahmed Yerima, while ruling on the issue, said: “You have not given us clear cut answers and you were saying you were recently appointed.

“In fact you don’t have a presentation, which is against the rule.

“I suggest we call off the meeting and you stop all procedures of privatisation and we are going to report this to the House.

“It is a total violation of the BPE Act.”
The Committee further summoned the Minister of State for Petroleum, Ibe Kachikwu, to answer questions on the said privatisation of the refineries.


At Newsweb Express we don't only break the news, we are committed to investigative and developmental journalism

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: