Thursday, 26 May 2016


 The proposed sale of the nation’s three refineries by Nigerian National Petroleum Corporation, NNPC was stopped by House of Rep committee on Privatisation. They are Port-Hacourt, Kaduna and Warri refineries. The committee made the pronouncement after engaging officials of the NNPC and the Bureau of Public Enterprises,BPE, on the exercise and declared that NNPC violated the provisions of BPE Act Section 11 of 2009 During the interactive session, members of the committee accused the NNPC of acting unilaterally by going ahead with the exercise without involving other stakeholders as contained in the Act.
The group Director of NNPC Kragba who represented Ibe Kachukwu  made his presentation along side Acting BPE Director General, Mr Vincent Akpotarie, during which he denied that the corporation was out to privatise the refineries. According to him, the NNPC is only sourcing for core investors to invest in the refineries, since their rehabilitation was capital intensive. The committee demanded to know who authorised the corporation to embark on such an exercise without the knowledge of the National Assembly and the BPE. Kragba, however, said he needed to clarify the information, stressing that he was just appointed. This did not go down well with the lawmakers, who challenged him on his earlier claim that he was competent to handle the matter to their satisfaction. Kragba interjected, saying: “With due respect to this Honourable Committee, I was appointed into office by Mr President, who believed in my competence.”

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