Business Hilights
Tracking Nigeria's Headline Business News Online

NUPENG seeks probe of NNPC’s spending on failed maintenance of refineries

Angered by the 15 years of spending on the maintaining of four national refineries with no result, the Nigeria Union of Petroleum and Natural Gas (NUPENG) executives have called for a forensic investigations on the costs so far incurred by the Nigerian National Petroleum Corporation (NNPC) on the national assets.

They also called for a more reliable rehabilitation template of the nation’s refineries to end the recurring scarcity of petrol in the country.

According to them, it is a national shame as Nigeria remains the only mega oil producing nation without a functional refinery.

NUPENG further described as “ridiculous that for the past 15 years now, Nigerian National Petroleum Corporation had been spending billions of dollars on Turn Around Maintenance of the refineries with nothing to show for it”.

Leading industry analyst and South-West Chairman of the union, Mr Tayo Aboyeji, in an interview, averred that “It is disheartening to know that despite the fact that the nation is a major producer of crude oil, it cannot refine the product for its local consumption”.

“It is ridiculous that for the past 15 years now, Nigerian National Petroleum Corporation had been spending billions of dollars on Turn Around Maintenance of the refineries with nothing to show for it.

“If all our four refineries are producing at their maximum output, the country will not be spending billion of naira on importation of refined product.

“This is the right time for our refineries to work, the Federal Government should as a matter of urgency fix the refineries now,” Aboyeji stressed.