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‘Buhari Rejected Saudi, Qatari Bids For PH Refinery Rehabilitation’

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Former Minister of State for Petroleum Resources, Ibe Kachikwu, has disclosed that former President Muhammadu Buhari rejected proposals to hand over the Port Harcourt refinery to private investors, including those from Saudi Arabia and Qatar, for rehabilitation during his tenure.
Kachikwu, also a former Group Managing Director of the then Nigerian National Petroleum Corporation, made the revelation recently while speaking at a business mentorship lecture series organised virtually by the Nigerian Content Development and Monitoring Board.
He recalled that after restarting the refinery in 2015 with local engineers at a cost of less than $40m, his plan was to concession it to private investors, including Saudi Arabia, Qatar and Nigerian consortiums, who had already shown interest.
“If I remember very well, in December 2015, we took the unusual step of reopening the Port Harcourt refinery using local engineers from NNPC who understood the facility and could repair the refineries, and it cost us probably less than $40m at the time.
“So again, I refused to go into this love to turn around maintenances which are costing billions. I never did any.
“My attitude was that the private sector should take over the refinery, pay government licence fees and taxes, and put in the funds to repair it and make it operational.
“There were investors ready to take it, but the proposal was not approved. I believed we should hand over the refinery. Saudi Arabia was ready to take it; Qatar was ready to take it.
“Private Nigerians who have had a bid process put together teams which should have taken over the refinery, paid government licence fees and taxes and some level of joint venture money. And then, go ahead to repair the refinery and make it operational, but it failed because it wasn’t approved”, Kachikwu said.
According to him, when privatisation efforts stalled, he introduced the idea of co-location projects that would allow new investors to build within the premises of the existing plants and share facilities such as storage, pipelines and terminals.
However, he said the government later abandoned that plan and returned to the old model of refinery repairs.
“When that failed because it wasn’t approved, I went to co-location, trying to bring new investments into the same refinery but in a fenced yardage, but be able to share certain facilities like storage, pipelines, terminals and that sort of stuff. When the government abandoned it and said no, they want to go and repair refineries again, we’re still there today”, he explained further.
Kachikwu added that his resistance to costly turnaround maintenance contracts was part of the reason he pushed for private sector involvement.
The former minister said Nigeria could have achieved self-sufficiency in domestic refining earlier if the privatisation and co-location models had been pursued, rather than recurring government-led repairs that have left the refineries moribund.
He recalled awarding licences to nine modular refineries, four of which he said are working today.
Recall that the Port Harcourt, Warri and Kaduna refineries are still not working despite the billions of dollars invested in turnaround maintenance.
The Port Harcourt refinery, which was declared operational last year by the Mele Kyari-led Nigerian National Petroleum Company Limited, was later shut down in May.
While Nigerians called for the sale of their facilities, the new Group Chief Executive of the Nigerian National Petroleum Company Limited, Bayo Ojulari, refused to sell them.
Ojulari had stated that the Port Harcourt refinery was losing as much as N500m every month on operations before rehabilitation works were suspended.
According to him, the refinery was pumping about 50,000 barrels of crude, but less than 40 per cent of the equivalent of what was going in was being processed effectively.
He said, “When I resumed, one of the first priorities I focused on was the refinery. I did a quick review to see if we could quickly fix it. What I found is that we were losing between $300m and $500m on a monthly basis.
“The first thing we said was, ‘Rather than continue to lose, let’s quickly stop and look for a way to put this refinery into a sustainably profitable venture.”
Amid speculations that the refineries may not work again, Ojulari showed strong determination that they will work again.
Contrary to the views of the President of the Dangote Group, Alhaji Aliko Dangote, that the refineries might not return to operations, Ojulari said the NNPC is highly determined to achieve this.
The organised private sector, the Manufacturers Association of Nigeria, petroleum marketers, and other stakeholders have all called for the sale of the refineries, but Ojulari rejected the advice.
In July, Dangote stated that the refineries, which are under the management of the NNPC, had gulped up to $18bn, yet they have refused to work.
Recall that Ojulari himself echoed a similar sentiment in an interview with Bloomberg at the same time in Vienna, Austria, stating that the country had invested heavily in the refineries without getting any tangible results.
He said reviews were ongoing and that would lead the NNPC to do things differently.
“And as you know, we are determined! We are determined to make sure that our refineries work. We’ve been spending a lot of time on detailed reviews (sic), taking all the learnings.
“We are driven by the fact that the Nigerian states and the future of Nigeria’s success are above any individual of us. That’s what drives our determination to ensure that we put a solution that is sustainable for our refineries”, he said last month.
Ojulari, who officially ruled out the sale of the Port Harcourt refinery, reaffirmed his commitment to completing “high-grade rehabilitation” and retention of the plant.
He stated that the position isn’t a shift. Rather, it was informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
The statement indicted the past NNPC executive, quoting Ojulari as saying that “the ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.”
He was quoted as saying, “Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely, as it would lead to further value erosion.”
Meanwhile, Nigerians are hopeful that more resources will not be wasted on efforts to revamp the moribund facilities.
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Nigeria Loses N17tr Yearly To Abandoned Projects

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The Federal Government has disclosed that it has lost an estimated N17 trillion to abandoned and uncompleted projects across the country.

The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).

He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.

Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services

He cited examples of  that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.

The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.

He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.

Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.

He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.

The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.

He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.

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Transcorp Power seeks sustained investment across Nigeria’s electricity value chain

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Transcorp Power Plc Managing Director and Chief Executive Officer Peter Ikenga has called for sustained investment across Nigeria’s electricity value chain to improve power supply and make the sector self-sustaining.

Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.

He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.

The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.

“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.

Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.

He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.

He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.

The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.

Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.

On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.

He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.

Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.

“Everything in the value chain has to work,” he said.

He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.

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FG generates N33tn revenue in 10 months – Oyedele

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The Federal Government generated a record of N33tn in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing boosting collections.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed
this while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he called for greater investment in Nigeria’s digital infrastructure to strengthen economic competitiveness and government revenue mobilisation.

This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.

The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of  N33tn in government revenue collected between January and October 2026.”

The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.

Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.

Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.

He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.

However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.

According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.

He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.

The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.

He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.

Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.

He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.

The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.

Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.

“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.

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