The two refineries made revenues of N6.706bn ($15.7m) between 2017 and 2019, but incurred losses totalling N631.907bn. Salaries accounted for N43.25bn, while maintenance of the Kaduna refinery cost N1.6887tn, according to their financial statements released by the NNPC.
The NNPC recently became a commercial venture and limited liability company, but its board and management have remained the same, casting doubts on the minds of oil and gas experts on their capacity to manage the refining outfits efficiently.
“The government should let go of these refineries and allow the private sector to salvage it – if there is really anything to salvage,” says Mustapha Wahab, an oil and gas expert at Chapel Hill Denham, an investment firm in Nigeria.
The refineries have proved that the government has no business in running any business
“I have been to Dangote Refinery and I have seen the level of
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