{"id":14569,"date":"2021-03-29T06:38:52","date_gmt":"2021-03-29T05:38:52","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=14569"},"modified":"2021-03-29T06:38:52","modified_gmt":"2021-03-29T05:38:52","slug":"ph-refinery-generated-zero-revenue-in-2019-yet-incurred-n47bn-expenses-atedo-peterside","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/03\/29\/ph-refinery-generated-zero-revenue-in-2019-yet-incurred-n47bn-expenses-atedo-peterside\/","title":{"rendered":"PH refinery generated zero revenue in 2019 yet incurred N47bn expenses &#8211; Atedo Peterside"},"content":{"rendered":"<p>Founder of Stanbic IBTC and Anap Foundation has disclosed that the Port Harcourt refinery in Rivers state generated no revenue in 2019.<\/p>\n<p>According to Peterside,\u00a0the refinery incurred processing and administrative costs of N47 billion during the same period.<\/p>\n<p>The founder of Anap Foundation accused\u00a0the Nigerian National <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/03\/diezani-alison-madueke-court-fixes-date-for-efccs-report-in-ex-petroleum-ministers-trial\/\">Petroleum<\/a> Corporation (NNPC) of pushing the country into a financial mess.<\/p>\n<p>According to him, it is preferable that the refinery is sold to qualified investors.<\/p>\n<p>\u201cIn 2019, PH Refinery contributed zero revenue, but incurred costs of N47bn; almost N4bn a month!, \u201d the tweet read.<\/p>\n<p>\u201cInstead of ending this nightmare through a #BPE core investor sale, NNPC wants to enmesh Nigeria into a deeper financial mess by throwing $1.5bn (incl. debt) at a problem it created?\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In 2019, PH Refinery contributed zero revenue, but incurred costs of N47bn; almost N4bn a month! Instead of ending this nightmare through a <a href=\"https:\/\/twitter.com\/hashtag\/BPE?src=hash&amp;ref_src=twsrc%5Etfw\">#BPE<\/a> core investor sale, <a href=\"https:\/\/twitter.com\/hashtag\/NNPC?src=hash&amp;ref_src=twsrc%5Etfw\">#NNPC<\/a> wants to enmesh Nigeria into a deeper financial mess by throwing $1.5bn (incl. debt) at a problem it created?<\/p>\n<p>&mdash; Atedo Peterside (@AtedoPeterside) <a href=\"https:\/\/twitter.com\/AtedoPeterside\/status\/1376100442703343616?ref_src=twsrc%5Etfw\">March 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a related news, WITHIN NIGERIA reported that\u00a0<strong><a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/17\/breaking-fg-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery\/\">Federal Government has approved the sum of $1.5bn for the rehabilitation<\/a> <\/strong>of the Port Harcourt Refinery.<\/p>\n<p>The Minister of State for Petroleum Resources, Timipre Sylva, stated this while briefing newsmen at the end of the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja, on Thursday.<\/p>\n<p>The minister said that the\u00a0<a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/07\/fg-announces-date-for-resumption-of-rehabilitation-works-on-marine-beach-bridge\/\" target=\"_blank\" rel=\"noopener\">rehabilitation<\/a>, which would be in three phases, will commence immediately and to be handled by an Italian firm, Tecnimont S.P.A.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Founder of Stanbic IBTC and Anap Foundation has disclosed that the Port Harcourt refinery in Rivers state generated no revenue in 2019. According to Peterside,\u00a0the refinery incurred processing and administrative costs of N47 billion during the same period. The founder of Anap Foundation accused\u00a0the Nigerian National Petroleum Corporation (NNPC) of pushing the country into a [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":14570,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[45],"tags":[3211,3912,2403,191,2982],"class_list":["post-14569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xtra","tag-1-5-billion","tag-atedo-refinery","tag-debts","tag-investors","tag-port-harcourt-refinery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PH refinery generated zero revenue in 2019 yet incurred N47bn expenses - Atedo Peterside<\/title>\n<meta name=\"description\" content=\"Founder of Stanbic IBTC and Anap Foundation has disclosed that the Port Harcourt refinery in Rivers state generated no revenue in 2019.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/29\/ph-refinery-generated-zero-revenue-in-2019-yet-incurred-n47bn-expenses-atedo-peterside\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PH refinery generated zero revenue in 2019 yet incurred N47bn expenses - Atedo Peterside\" \/>\n<meta property=\"og:description\" content=\"Founder of Stanbic IBTC and Anap Foundation has disclosed that the Port Harcourt refinery in Rivers state generated no revenue in 2019. According to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/29\/ph-refinery-generated-zero-revenue-in-2019-yet-incurred-n47bn-expenses-atedo-peterside\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-29T05:38:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/03\/adewale_chocomilo\/2021\/03\/29\/20210329_063125.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"654\" \/>\n\t<meta property=\"og:image:height\" content=\"341\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OChocomilo\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sodiq Lawal Chocomilo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/03\\\/29\\\/ph-refinery-generated-zero-revenue-in-2019-yet-incurred-n47bn-expenses-atedo-peterside\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/03\\\/29\\\/ph-refinery-generated-zero-revenue-in-2019-yet-incurred-n47bn-expenses-atedo-peterside\\\/\"},\"author\":{\"name\":\"Sodiq Lawal Chocomilo\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/db8593431a99b3751c40316ba4b4a452\"},\"headline\":\"PH refinery generated zero revenue in 2019 yet incurred N47bn expenses &#8211; 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