The Founder, Stanbic IBTC Bank Plc, Mr Atedo Peterside, has asked the federal government to halt plans of renovating the Port Harcourt refinery in Rivers State for $1.5bn. The Federal Executive Council had earlier on Wednesday approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn.

The Minister of State for Petroleum Resources, Timipre Sylva, who announced this, stated that the rehabilitation would happen in three phases. Peterside has however joined others to criticise the plan, calling it a “brazen adventure.” According to him, the project should be subjected to an informed national debate, adding that experts preferred that the refinery was sold to core-investors that could repair it themselves.

Peterside said on Twitter, “FG should halt $1.5bn approval for repair of Port Harcourt refinery and subject this brazen & expensive adventure to an informed national debate. “Many experts prefer that this refinery is sold “as is” by BPE to core-investors with proven capacity to repair it with their own funds.”

Source: The Punch