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Leave power plants, invest in comatose refineries, Nigerians tell NNPC

The recent move by the Nigerian National Petroleum Company (NNPC) Limited to buy over some power plant has been met with serious criticisms from Nigerians.

Many Nigerians that spoke with Business Hilights queried why NNPC did not have interest in reviving the refineries, but wants to buy power plants.

Recall that the e The NNPC’s Group Managing Director, Mele Kyari, had disclosed plant to buy power plants when he led the management team of the oil company on a courtesy visit to the Bureau of Public Enterprises in Abuja, according to a statement by the BPE issued in Abuja on Monday.

The Nigerian National Petroleum Company Limited has expressed interest to participate in the acquisition of power plants under the National Integrated Power Project put up for sale by the Federal Government through the Bureau of Public Enterprises. Kyari said the NNPC had the requisite expertise and experience to be an active participant in the power sector in Nigeria. He stated that as an oil company and enabler organisation, the NNPC was determined to boost power generation and supply to Nigerian homes through increased investment. To achieve this, Kyari said the national oil company had signed a contract with China Machinery Engineering Company and General Electric to provide 50 megawatts of electricity to Maiduguri, Borno State. “According to him (Kyari), the management of NNPC is determined to run the organisation efficiently and profitably for the benefit of the shareholders, hence it plans to engage in activities that will generate funds and for the power sector,” the statement read in part.

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