The Managing Director, Kaduna Refining and Petrochemical Company, (KPRC) Engr Adewale Ladenegan has said that privatizing the plant would be suicidal.
According to the Managing Director, privatizing KRPC is not the best option to putting the refinery to optimal use.
Ladenegan stated this while interacting with members of the House of Representatives Committee on Petroleum Resources(Downstream) who paid an oversight visit to the refinery.
The KPRC boss was respondeding to question asked by the Chairman of the committee, Hon. Joseph Akinlaja, as to whether privatizing the plant will be the best option.
But Ladenegan said the National Electric Power Authority , (NEPA) and Nigerian telecommunication Company (NITEL) earlier privatized by the government has not yielded any dividends, instead, it only makes Nigerians ‘poorer and jobless.’
Ladenegan said what the plant needed was adequate financing to upgrade its obsolete equipment to electronic operations and robust management that would see to its optimal operation.
“Privatization, I will say no. Because all the ones that you have privatized, where are the dividends? Because if have the opportunity to ask questions, this is the questions ask. We that you are seeing here are patriotic Nigerians. If you give the refinery to those who has the money, they will still use the same people running it.
“The option that we will have prefer is that type of NLNG, let everybody contribute and there will be no single person controlling the refinery and we manage it. Then you will be getting your dividends as at when due. This will take care of your investment and your country people will be there running it, not that you will be bringing people from India to be replacing Nigerians. No.
“Because all the ones that you have privatized We Have not seen the dividends of NITEL, NEPA that you have privatized. Nigerians are still asking and instead, you are making the country to become more poorer and then jobless, ” the Ladenegan told the House Committee on Petroleum Resources.
Ladenegan who noted that, the Plant was not upgraded since it was established in 1982 and the Turn Around Maintenance (TAM) was last carried out in since 2008 also said KRPC needed the kind of funds invested in the Nigerian Liquefied Natural Gas Company (NLNG) for optimum performance.
The management also blamed vandals, who they said broke the NNPC pipelines that transported crude from Warri to Refinery Kaduna plant.
He urged the law makers to provide adequate funds for a complete Turn Around Maintenance of (TAM) of the plant.
Ladenegan said the Nigerian National Petroleum Corporation (NNPC) was currently negotiating with various financiers to estimate the much the plant needed for the TAM program and its duration.
According to him, upgrading the plant would improve its capacity to operate at 90 per cent.
Upgrading the facility, he said, would stop the importation of refine products and improve in the local content refineries and of the petroleum industry.
Ladenegan appealed to the Federal Law makers to appropriate adequate funds for a comprehensive TAM of plant in the 2019 budget.
He said if funds were provided the plant would resume operation within two years.
The Chairman of the Committee, Mr Joseph Akinlaja who said they were at the plant on oversight visit , promised to ensure adequate measures were taken to return the plant to its past glory.
Akinlaja said the National Assembly needed to know the current status and production capacity of the plant.
He said they also needed to know the labour force of the plant as well as how it was being matained to enable them identify areas that needed intervention.
He, however, expressed concern that in spite of the various refining facilities the country producing crude but importing fuel for local consumption.
Akinlaja who promised that the committee would ensure adequate funds were appropriated to the plant in the 2019 budget.
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