Amid pervasive allegations of sabotage in the petroleum
industry, the Senate has raised questions over $1.5 billion approved in 2021
for the turn-around maintenance of the Port Harcourt Refinery with little or no
result.
Consequently, the upper chamber lamented that it was unfair
and wrong to treat government businesses or public companies as an orphan while
private businesses were flourishing and thriving.
The Leader of the Senate and Chairman, Senate Ad-hoc
Committee to Investigate the alleged economic sabotage in the Nigerian
Petroleum Industry, Senator Opeyemi Bamidele raised the questions at a session
with stakeholders in the industry at the National Assembly Complex, Abuja.
The session was attended by the Minister of Finance and
Coordinating Minister of the Economy, Mr. Wale Edun; Group Managing Director,
Nigerian National Petroleum Corporation Limited (NNPCL), Malam Melee Kyari;
Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr.
Gbenga Komolafe and Chief Executive Office, Nigerian Midstream and Downstream
Petroleum Regulatory Authority, Mr. Farouk Ahmed, among others.
The Federal Executive Council had approved the plan by the
Ministry of Petroleum Resources to rehabilitate and turn around the Port
Harcourt Refinery with a whopping sum of $1.5 billion under the administration
of former President Muhammadu Buhari.
Despite the huge investment, the government-owned refinery
is yet to function effectively, a situation that compelled the country to
depend almost entirely on the importation of petroleum products.
At the session with stakeholders, however, Bamidele
expressed grave concerns about the dysfunctionality of the government-owned
refineries despite billions of Dollars invested to carry out turn-around
maintenance on the installation.
Bamidele observed that the federation “is undergoing a truly
challenging period,” pointing out that the distribution and supply of refined
petroleum products “has been irregular and problematic in the recent history of
our fatherland.”
“The long queues at filling stations are obviously a
testament to this challenge. A situation, whereby we now depend almost entirely
on the importation of these products, even when we daily supply the global oil
market no fewer than two percent of its crude oil requirements, is to say the
least, highly worrisome.
“We also have at hand a grievous issue of national concern
that directly borders on the importation of hazardous petroleum products and
dumping of substandard diesel into the country,” he said.
Under different administrations since 1999, Bamidele
observed that the federal government “has invested billions of Dollars to
maintain and turn around the state-owned refineries in Kaduna, Port Harcourt
and Warri. But the refineries are not functioning.
“In 2021, specifically, the Federal Executive Council
approved $1.5 billion for the turn-around maintenance of the Port Harcourt
Refinery. Yet, this investment has not yielded significant returns.
“For us, in the Senate, we believe, it is unfair and
unpatriotic to treat government businesses or public corporations as an orphan
while private businesses are flourishing and thriving,” Bamidele pointed out at
the interactive session,” he added.
To permanently nip these challenges in the bud, the chairman
of the ad-hoc committee disclosed the plan of the Senate to jointly conduct
investigation into diverse allegations of economic sabotage in the petroleum
industry along with the House of Representatives.
Bamidele, equally noted that there would be no room for
grandstanding during the investigative hearing, promising that the committee
would carry out its mandate fairly and impartially.
While insisting that nobody will be untouchable, he said the
task of ridding the petroleum industry of malfeasance “is urgent and must be
carried out in the spirit of nationalism and patriotism. We are ready to carry
it out with all senses of honour and responsibility.”
“We are also taking it seriously with a view to addressing
fundamental issues that pose grave threats to our economic prosperity, fiscal
stability and public health as a federation. In line with our mandate, we will
definitely unravel factors and forces aiding sabotage in our petroleum
industry.
“From our findings, we will craft a legislative framework
that will entrench global best practices in the industry; open it up for more
investments, especially in the midstream and downstream sectors and end vicious
regimes of subterfuge in the petroleum industry.
“We are utterly committed to this mandate. We shall carry it
out without fear or favour. We shall be equitable, fair and just to all parties
with a view to promoting and protecting the strategic national interests of our
fatherland,” Bamidele said.
He, therefore, promised that the National Assembly “is ready
to carry out the investigative hearing with all senses of honor and
responsibility,” citing impeccable professional backgrounds of the members of
the committee.
Also, at the session, Kyari declared that the NNPCL “is
loyal and faithful to the country,” saying its management vowed to protect the
interest of Nigeria in the petroleum industry.
He observed that most problems in the petroleum industry
“have nothing to do with NNPCL. We are faithful and loyal to the economic
interest of this country.
“We are not criminals. We are not thieves. But we will
protect our dignity and honour.”
In his own remarks, Edun said the increase in the crude
would stabilise the country’s foreign exchange market while expressing
confidence in the leadership of the ad-hoc committee to conduct an unbiased and
impartial investigation.
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