Atedo Peterside

OBINNA EZUGWU

President and Founder, Anap Foundation, Atedo Peterside, has argued against the planned repair of Port Harcourt Refinery with $1.5 billion, noting that it would amount to plunging Nigeria into deeper financial mess.

The Stanbic IBTC Bank Plc founder, who took to social media platform, Twitter to share his views, recalled that in 2019, the refinery incurred as much as N47 billion in losses, without contributing anything to the economy, and thus asked that it be gotten rid of through the Bureau of Public Enterprise.

“In 2019, PH Refinery contributed zero revenue, but incurred costs of N47bn; almost N4bn 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?” he said.