afrodoc2:


There are people who graduated from Uni and got jobs at Ajaokuta, worked until they retired, and are now drawing pension, yet nothing tangible ever came out of the project.

GloriousGbola:


I have an uncle who I believe worked there his entire career

BlueRayDick:




U think Dangote will bring in Forex for this country ? He will most likely be looking at spreading his tentacles to more economically stable countries na.

TrebleChamp:
NNPCL said they are installing state of the art equipment at the Port Harcourt Refinery, so we wait to see whether it is the usual lamba or not. I doubt the old refineries can compete with Dangote and Bua's bigger and more modern Refineries though. If Tinubu's Govt (miraculously) succeed in getting the 4 Nigerian Refineries to work, i would advise that the Refineries focus on refining PMS/DPK/AGO/Aviation Fuel/CNG for the Nigerian local market, while Dangote, Bua and others refineries can focus on exporting their product to bring in Forex.

The Kaduna refinery, the latest and largest of the four refineries now owned by the NNPCL was constructed in 1980! The first refinery was built in Port Harcourt in 1965 with a capacity to process 60,000 barrels per day and a ‘new’ one in the same place in 1989 which could process 150,000 barrels per stream day. The Warri refinery was commissioned in 1979 to produce, initially, 100,000 barrels per stream day and later upgraded to produce 125,000 barrels per day. This was earlier offered for refurbishment in 2022 with the promise that it will start full production again in December, 2023.

GloriousGbola:


I have an uncle who I believe worked there his entire career

BlueRayDick:




Chai!

The place was work-in-progress for almost 30 years ?

TrebleChamp:
Was this not one of reasons CBN gave him cheap dollars to finance the construction of his refinery? Make we dey watch the film dey go 🙂..

afrodoc2:


Let’s assume God wants to help Nigeria, if he remembers Ajaokuta he will change his mind.

BlueRayDick:


Okay, so how did u come about the $300m he allegedly got for the deal?

GloriousGbola:









https://punchng.com/nigerian-refineries-for-refurbishment-or-remodelling/



I can't think of anything that was built in 1989 that can be really and truly refurbished. Net book value of the assets is already zero. The refurb was a foolish and misguided idea on Buharis part imho.

GloriousGbola:


Of course labour unions kicked agaisnt selling the refineries

in addition to being a conduit for wasting money, the refinereies are a waste of wages.

people literally do nothing in kaduna refinery year in year out and get paid salary

https://ibekachikwu.com/nigerias-nnpc-publishes-financial-statement-for-2018/



as an aside looks like kachikwu picked a page from obj aand iweala and created his own narrative for future discussions on him

i think yarduas issue is that he was like buhari - someone fixated on government running businesses

BlueRayDick:


Just dey play!

No be the same government sell us hope that when Dangote refinery gets completed we will breath fresh air as far as hike in cost of pump price is concerned. Were they not the same people that turned back and said " No be so o" ?

Dangote refinery is a private company which Nigerian government has just 20% shareholdings inside.

iamoyindamola:

It's on the airline na both feeding and accommodation

obainojazz:
The funny thing is most people don’t know… Many are in the airport waiting 21hrs for the next flight

BlueRayDick:


If Northerners never ready to join the protest, the government will still find way to bring it under control.

If any revolution will succeed in this country, it must start in the north.

My reason for saying this is very simple; the southerners can easily be divided by the government along tribal lines, religious lines, cultural lines and so many other lines u can think of. The northerners are much more homogenous in their culture; once they band together to take a course of action they are mostly indivisible.

I may be wrong tho, but that is what I think

iamoyindamola:


Really??
Are they Nigerians, because i know those foreign airlines give vouchers sef
They treat passengers well not like our own they will delay and still suffer you on top

liveLongNprospa:


He's the one that arranged the loan apparently

liveLongNprospa:


The picture I shared.
It's written there.

https://www.google.com/amp/s/nairametrics.com/2023/12/31/nigeria-receives-us2-25-billion-loan-from-afrexim-uba-acts-as-key-local-arranger/%3famp=1

iamoyindamola:
itrsm please abeg don't tell me you didn't get up to 10 bags during these rice-a-thon competition
https://www.nairaland.com/7958942/wike-fubara-compete-through-bags

Itsrm:


Lol, I no even get up to quarter bag. Just some from the youth leader of my area. Certain privileges are difficult to get if you're not a party member.

liveLongNprospa:


The picture I shared.
It's written there.

https://www.google.com/amp/s/nairametrics.com/2023/12/31/nigeria-receives-us2-25-billion-loan-from-afrexim-uba-acts-as-key-local-arranger/%3famp=1

BlueRayDick:


Nothing in this link suggested UBA or Tony got $300m na

BlueRayDick:


Na una "Oyel" money, make una collect from both parties and chop am

monerozi5590:



Do you know the actual value of the refinery? Do you? Do you know it is possible for the president to sell a national asset like refinery to his guys below the actual value (corruption).

If all the refineries are working, it will be good for the country. That should be the goal.

You keep talking about Kaduna Refinery. Now that subsidy is somehow being reduced how much do you buy PMS in Lagos? For people in Northern Nigeria how much are they buying it?

TrebleChamp:
I have argued this same thing with my APC supporters friends in the past, and they called me a pessimist who doesn't want good for Nigeria 😁. I told my boss (a diehard Tinubu supporter) on Wednesday that NNPCL is wasting scarce resource on renovating this old outdated refineries, but he said it would be good for the country if those refineries start production and he believe Tinubu will revive them. Since we as citizens have to say or power to stop them, we can only hope NNPCL under Tinubu Govt will surprise us by getting the refineries to work as they have promised.

liveLongNprospa:


I'm looking for the one from the Cable
Apparently they updated the figure to 66m dollars

https://www.thecable.ng/exclusive-nigeria-to-pay-afrexim-nnpc-3-3bn-loan-with-12bn-worth-of-oil/amp

Itsrm:


The man I even got from didn't get the one from SIM. Said it was "colonised" by SIMs loyalists and that no one wants to be seen frolicking with them.

Itsrm:


Lol, I no even get up to quarter bag. Just some from the youth leader of my area. Certain privileges are difficult to get if you're not a party member.

GloriousGbola:


My old place had a terminal that was from the 70s. The company's crown jewel. We were looking for oyibo partners and these people came in for an assessment of the company's assets. They told our ogas at the top your terminal has a net book value of zero.

It was after that management went on a gradual process of demolition and reconstruction within the terminal. The difference is that this was a terminal for fuel storage, so no need for any 'refurb' - just dismantle the tank and build and new one in it's place.

If anyone is to look at the actual numbers involved on the refurb of the refineries vs cost of construction of a new one I am sure we will find the rehabilitation was a bad financial decision. I expect the refurb to work because Buhari did engage professionals - but will still amount to a waste of funds driven by nostalgia for a business model that failed from day one.

GloriousGbola:


I fully expected you to come in and defend the loss making waste that is Kaduna refinery. It is what it is.

BlueRayDick:


lol

It's normal for any entity that arranged a facility to get a fee for their service na. Going by the nairametrics link u posted earlier , its AfreximBank and UBA that are the international & local arranger respectively so the $66m or 2% fee will go to them. I don't see any cause for alarm here.

If UBA was not the local arranger it would have been any other bank like StanbicIBTC, StanChart, Access, etc. Except the issue u have with the facility arrangement is that the terms are not favorable to us as regards the interest. Well, the interest rate may be due to our existing foreign debt, risk of deafault or any other factor.

It's now the job of analysts/media to analyze it and tell us maybe we didn't make the best out of the deal as much as we could.

BlueRayDick:


Dem still carry their feud and show of loyalty reach sharing of rice ? Even as rice dey expensive reach ?