The founder of Stanbic IBTC as well as Anap Foundation, Atedo Peterside has urged the Federal Government to subject $1.5 billion for Port Harcourt refinery repair to national debate.
The Federal Executive Council (FEC) announced the approved sum for the rehabilitation exercise of the refinery.
The approval was announced at the 38th virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.
A statement issued by Timipre Sylva, minister of state for petroleum; revealed that the rehabilitation will be done in three phases of 18, 24, and 44 months, adding that the contract will be awarded to Tecnimont SPA, an Italian company.
According to him, the funding has three components from Nigerian National Petroleum Corporation (NNPC) internally generated revenue (IGR), Afreximbank, as well as budgetary provisions.
Reacting to the development in a tweet on Sunday, Peterside asked the federal government to halt repair of the refinery.
The entrepreneur, who served as a member of the National Council on Privatization between 2010 and 2015; said experts prefer that the refinery is sold to qualified investors.
“FG should halt $1.5bn approval for the repair of Port Harcourt refinery; and subject this brazen & expensive adventure to an informed national debate,” the tweet reads.
“Many experts prefer that this refinery is sold “as it is” by BPE to core-investors with proven capacity to repair it with their own funds,” Peterside explained.
