We have no refineries; we have scraps – Dele Sobowale

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The corporation’s refineries should be allowed to wither away in our view— FBNQuest Capital Limited, a subsidiary of FBN Holdings Plc.

ONE of the reasons Nigeria has never developed as well as her great potentials will suggest is that we live on collectively accepted lies. Among the most enduring is the idea that this country has four refineries. We have a Ministry of Petroleum Resources, the Nigerian national Petroleum Corporation, NNPC, which we claim operates four refineries with combined refining capacity of 445,000 barrels per day. The refineries meanwhile were established from 1965 to 1980.

A picture taken on September 16, 2015 shows workers trying to tie a pipe of the first refinery in Nigeria, which was built in 1965 in oil rich Port Harcourt, Rivers State. The Port Harcourt refinery is Nigeria’s oldest, built in 1965, nine years after crude was first found under…



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