Maurice Ibe: Nigeria Spent $25bn On Refineries, Nothing Works, No One Jailed

An oil and gasoline guide, Maurice Ibe, has criticised Nigeria’s extended refinery failures regardless of over $25 billion spent on turnaround upkeep since 1999.

In an interview with ARISE NEWS on Monday, Ibe stated the continued dysfunction of the refineries displays deep-rooted corruption, weak accountability and political safety inside the NNPC.

“It’s unhappy, actually unhappy. What’s troubling about it’s that no one has gone to jail for the corruption and malfeasance that has bedevilled NNPC, particularly concerning the refineries. Twenty-five billion {dollars} and counting, and nothing to indicate for it — and no one has gone to jail,” he stated.

Ibe criticised successive governments for shielding corruption inside the Nigerian Nationwide Petroleum Firm Restricted (NNPCL), describing the state oil agency as a “money cow” for political elites.

“Not simply this authorities, however most prior governments have by no means been severe about fixing NNPC. It has been a money cow for politicians, and due to that, these deeply concerned in corruption are protected. They ensure the refineries don’t work — and shouldn’t work,” he stated.

Reacting to claims by former NNPCL management that the Port Harcourt Refinery was working at as much as 80 per cent capability, Ibe dismissed the assertions as deceptive, insisting that functioning refineries would have produced seen {economic} affect.

“When any refinery is working, you’ll really feel the affect instantly — particularly within the host communities. If vehicles had been popping out at 60 or 70 per cent capability, gas costs would drop from Port Harcourt to Onitsha, Enugu, Benin and past. Nothing like that occurred, as a result of nothing was popping out,” he stated.

Ibe additionally disputed the concept that Nigeria’s refinery disaster stemmed primarily from insufficient financing, arguing as a substitute that allotted funds had been routinely diverted.

“We weren’t specializing in financing — we had been specializing in stealing the cash. If an investor places in cash, he ensures the refinery works. What occurred as a substitute was that funds meant for repairs had been stolen,” he stated.

Whereas agreeing that funding alone is inadequate, the guide stated Nigeria should interact competent engineering, procurement and development (EPC) companies alongside fairness buyers with long-term operational stakes.

“We want a good EPC firm and a reliable investor who has the capability to run the refinery profitably. You may’t simply make investments and stroll away. They have to function it lengthy sufficient to recuperate their funding,” he stated.

Addressing issues about native capability, Ibe insisted Nigeria has expert engineers however lacks the specialised instruments and technical infrastructure required for refinery operations.

“We now have many competent Nigerian engineers, however they will’t do it on their own. They don’t have all of the instruments. You want companions with the gear, expertise and operational capability. If you happen to repair the refinery and hand it again to the identical system, we’ll return to the place we began,” he warned.

Ibe stated significant reform would solely succeed if corruption is addressed, accountability enforced, and refinery administration insulated from political interference.

“With out fairness buyers who can function these refineries professionally, we’ll proceed to go spherical in circles,” he added.

Boluwatife Enome

Times Nigeria