Atedo Peterside urges FG to halt $1.5bn Port Harcourt refinery repair

March 22, 2021
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A businessman and founder of Stanbic IBTC Bank PLC, Mr Atedo Peterside, has urged the federal government to halt the $1.5 billion Port Harcourt refinery repair.

In a Twitter post, the business mogul, described it as a brazen expensive adventure.

“The federal government should halt $1.5bn approval for the repair of Port Harcourt refinery and subject this brazen and expensive adventure to an informed national debate.”

The President and Founder, Anap Foundation, and Co-Chair, Agenda 2050 Steering Committee, also said the advice by experts that the refinery should be sold should be considered by the government.

“Many experts prefer that this refinery is sold…by the Bureau of Public Enterprises (BPE) to core-investors with proven capacity to repair it with their own funds.”

Daily Trust reports that a former Vice President, Abubakar Atiku, last week queried the $1.5bn approved for fixing the refinery, saying it should be probed.

He also suggested that the refinery should be privatised while the approved fund channelled for job creation.

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