MOMAN grieves over loss of N154bn by refineries

June 18, 2020
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  • Tasks FG to sell, privatise or adopt the NLNG model, saying its disturbing

The Major Oil Marketers Association of Nigeria (MOMAN) is grieving, over the N154 billion loss recorded by Nigeria’s three refineries in the 2018 audited accounts published by the Nigerian National Petroleum Corporation (NNPC).

MOMAN Chairman, Mr Tunji Oyebanji specifically told newsmen Wednesday in Lagos, that the loss recorded by the Kaduna, Warri and Port Harcourt Refineries during the period was disturbing.

He said: “The results for some of the divisions are quite disturbing. We, as a country really need to decide whether we want NNPC to operate as a social service or as a fully commercial entity.

“The refineries in particular show very disturbing numbers and one wonders what their fate would have been in a purely private enterprise.”

Oyebanji said the Federal Government should urgently take a decision whether to sell, privatise or adopt the Nigerian Liquefied Natural Gas Company (NLNG) model for the refineries to stop further losses.

He, however, commended the NNPC for making public its audited accounts for the first time in its history with the publication of its 2018 Audited Financial Statement (AFS) on its website.

“We are happy that the Group Managing Director, NNPC, Mr Mele Kyari’s commitment to transparency is being manifested. This is really commendable.

“One hopes this level of transparency will be allowed to continue as it’s good for the industry, the economy and the country,” Oyebanji said.

Also, Mr Wilson Opuwei, Chief Executive Officer, Dateline Energy Services Ltd., said the move by the NNPC was a step in the right direction because it showed transparency and accountability.

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