• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, July 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

NASS Charges NNPCL To Outsource Local Refineries’ Mgt

by Chika Izuora
2 years ago
in Business
NASS
Share on WhatsAppShare on FacebookShare on XTelegram

The House of Representatives has advised the Nigerian National Petroleum Company Limited (NNPCL), to consider outsourcing management of the country’s refineries after repairs.

Advertisement

The report disclosed that Nigeria spent more than $10 billion in a decade on three oil refineries that produced hardly any fuel.

It cost the NNPCL N4.8trillion ($10.3 billion) to run the facilities from 2010 to 2020, even though, they were operating far below their combined capacity of 445,000 barrels of crude per day, according to a report by a Committee in the House of Representatives.

The company is currently rehabilitating the plants. By the time they were put into rehabilitation, they had almost ceased to function and output had not exceeded 30 per cent since 2010, according to the report.

That left Nigeria entirely reliant on products imports, whose price was kept artificially low by fuel subsidies.

RELATED

Federal Gov’t Gives IBEDC 7 Days To Reinstate Sacked 3,000 Workers

AMCON Begins Asset Resales, Sells IBEDC For N100bn

9 hours ago
JUST-IN: NCAA Suspends All 737 Aircraft In Max Air Fleet

NCAA Names Max Air ‘Most Unresponsive Domestic Airline’ To Passenger Complaints

13 hours ago

The decades-long subsidy regime was scrapped by President Bola Tinubu last week and the government has been working to address the refining challenges to temper fuel prices.

A giant 650,000-barrels-per-day facility built by Aliko Dangote, commissioned last month, but it’s unclear when it will be able to supply a significant quantity of refined fuel to the domestic market.

The NNPCL, is also rehabilitating its 210,000-barrel-per-day complex in Port Harcourt and in Warri through contracts worth more than $2 billion with Italy’s Maire Tecnimont SpA and South Korea’s Daewoo Engineering & Construction Co. Ltd. respectively.

Both sites are expected to resume operations before the end of 2023, according to the report which HoR approved on Tuesday.

The report advised the NNPCL to consider outsourcing the management of the repaired refineries to reputable international firms.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: NASS
SendShareTweetShare
Previous Post

Leadership Programme: Firstbank Reinforces Employee Career Devt

Next Post

Worsening Creditworthiness In Emerging Market Dampens Global Economy

Chika Izuora

Chika Izuora

You May Like

Federal Gov’t Gives IBEDC 7 Days To Reinstate Sacked 3,000 Workers
Business

AMCON Begins Asset Resales, Sells IBEDC For N100bn

2025/07/03
JUST-IN: NCAA Suspends All 737 Aircraft In Max Air Fleet
Business

NCAA Names Max Air ‘Most Unresponsive Domestic Airline’ To Passenger Complaints

2025/07/03
Savannah Energy Empowers 100 Students
Business

Savannah Energy Empowers 100 Students

2025/07/03
BIC Reaffirms Commitment To Youth Empowerment Through Creative Initiatives
Business

BIC Reaffirms Commitment To Youth Empowerment Through Creative Initiatives

2025/07/03
Ecobank Nigeria To Reward  500 Customers
Business

Ecobank Group, Google Cloud Partner To Accelerate Financial Inclusion, Innovation Across Africa

2025/07/03
Don’t Rush Into Businesses You Know Nothing About, Stakeholders Warn Retirees
Business

Businesses Sustain Positive Growth Momentum Despite High Prices

2025/07/03
Leadership Conference advertisement

LATEST

NFF, Super Eagles Mourn Legendary Goalkeeper Peter Rufai

Tinubu Mourns Ex-Super Eagles Goalkeeper Peter Rufai

‘My Party, Our Party Now Is ADC’, Ihedioha Tells Supporters, Followers

JUST-IN: Abducted Bayelsa Judge Regains Freedom

Dantata Lived A Life Of Impact — Tinubu

BUK Appoints Professor Haruna Musa As New VC

‘I Love Nigeria’, 11 Other Associations Seek INEC Registration As Political Parties

‘Let’s Walk From Airport To Port Harcourt And See’, Amaechi Challenges Wike To Popularity Contest

Court Sentences 2 Businessmen To 10-year Imprisonment For Fraud

Federal Gov’t To Honour 250 Nigerians At 65th Independence Anniversary 

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.