NNPC: We Rehabilitated Refineries With N100bn In 2021

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The Nigerian National Petroleum Company (NNPC) Limited has made a shocking revelation at the Federation Account Allocation Committee (FAAC) meeting.

In its 2021 performance report submitted to the committee recently, the national oil firm said it spent N100 billion on the rehabilitation of the nation’s refineries last year.

NNPC disclosed that N8.3 billion was spent every month in 2021 to revamp the moribund refineries in the country, adding that the refineries have a combined installed capacity of 445,000 barrels of oil per day.

The refineries managed by NNPC include Port Harcourt Refining Company (PHRC), Kaduna Refining Production Company (KRPC) and Warri Refining Production Company (WRPC).

In March 2021, the Federal Executive Council (FEC) approved the sum of $1.5 billion for the rehabilitation of the Port Harcourt refinery.

Last week, the Federal Government said it had processed $98 million and N17.2 billion as partial payments for the ongoing rehabilitation works at the refinery.

Meanwhile, the Central Bank of Nigeria has released a guide for bank customers on how to file a complaint against their bank and other financial institutions when displeased.

The financial institutions included in the list are commercial banks, microfinance banks, primary mortgage institutions, and discount houses.

According to CBN, it had earlier released a circular directing all banks to expand their existing ATM help desks to handle all types of consumer complaints.

CBN wrote, “Therefore if you have a complaint against your bank, you must first report the complaint at the bank/branch where the issue originated and then allow two weeks (it might be less or more in some cases) for the issues to be resolved.”