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Privatisation Of Refineries Reps order NNPC to stop move

Ibe Kachikwu had earlier announced that the Federal Government will privatise the nation’s refineries within 12 months.

  • Published:
A Refinery play

A Refinery

(Guardian)

The House of Representatives committee on privatisation and commercialisation has ordered the Nigerian National Petroleum Corporation (NNPC) to stop the planned privatisation of the nation’s refineries.

The Minister of state for petroleum and Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), Ibe Kachikwu had earlier announced that the Federal Government will privatise the nation’s refineries within 12 months.

The House committee chairman, Ahmed Yerima said the planned privatisation was a breach of the law.

Yerima said this at an interactive session with representatives of the Bureau of Public Enterprises (BPE) and NNPC, yesterday, Wednesday, MAY 25, 2016.

The committee chairman said “I think there’s a clear violation of the law in seeking investments based on what the BPE DG said.

“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 Group Executive Director, Refineries, at the NNPC, Mr Anibor Kragba told the lawmakers that the corporation does not have the powers to privatise the refineries.

Kragba also said all the NNPC management was trying to do, was to get the refineries up and functional.

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