Ibe Kachikwu, group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), has said that refiners are working at 30% capacity but President Muhammadu Buhari won’t permit to sell them.
NNPC boss said that the capacity of refineries should be the minimum of 60% required to generate profit.
He said: “Personally, I will have chosen to sell the refineries, but President Buhari has instructed that they should be fixed.
“After they are fixed, if they still operate below 60 per cent, then we will know what to do.
“The 90-day ultimatum for the refineries to be fixed will end in December and Port Harcourt Refinery looks like the only one that will meet the deadline, but we will wait and see what happens at the end of the 90 days.”
Kachikwu added that the NNPC will begin full audit to recover its lost credibility.
According to him, the transparency operation will include posting of the corporation’s activities on its website frequently, adding that along with the regular data, there will also be a weekly review of matters about the corporation on its website.
“Contracts will be made open to the public and we will choose the best module that works for us and that helps us save money,” he said.
“We need to clean the system and carry everybody along. The concept of what is right and wrong will take us very far. Though there are huge challenges in driving the corporation forward, they will be surmounted with good planning and efficiency.”
Kachikwu assured Nigerians that while the problem of cleaning NNPC will be a uncomfortable ride, it will be exciting and it will eventually yield positive results.
There had been reports that President Buhari is likely to nominate himself as the new minister of petroleum resources.
Nigerian leader reportedly would rather appoint himself than trust anyone else with the main source of Nigeria’s revenue.