Reps Stops NNPC’s Bid To Acquire $400m Loan For Upgrade Of Four Refineries

Emerging details have it

The House of Representatives committee on Privatization and Commercialisation Wednesday stopped the bid by the Nigerian National Petroleum Corporation NNPC to acquire a $400 million loan for the upgrade of the four refineries in the country.

The Hon. Ahmed Yerima- headed committee said the NNPC was breaching Section 11 (g) of the Public enterprises ( Privatisation and Commercialization) Act 1999, which gives the National Council on Privatisation the power to do such.
Members of the committee said the NNPC shoukd suspend outrightly the proposed restructuring/Privatisation of the four refineries because of the breach of the regulations in the Bureau of Public Enterprises (BPE) as well as the Presidency’s delay in inaugurating the National Council on Privatisation (NCP).

The committee said formally communicate President Muhammadu Buhari on the need to adhere to due process and avoid pitfall of commercialisation and privatisation exercises that were made in the past.

The Committee noted that breach of policy guidelines and extant regulatory framework and undue rivalry among Government agencies is giving investors concern.

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