The contracts for the construction of 10 Greenfield refineries worth N8.1 trillion ($51.8 billion) have finally collapsed as investors have lost interest in executing the project.
The Federal Government had signed the N8.1 trillion worth of Memorandum of Understanding (MoU) with various local and international investors between 2011 and 2012 for the construction of the 10 new refineries across the country.
Read more @ New Telegraph
The shake up in the Nigerian National Petroleum Corporation (NNPC) and its exploration and production arm, the Nigerian Petroleum Development Company (NPDC), has stalled the signing of Global Memorandum of Understanding (GMoU) between the NPDC and the host communities from which it acquired Shell’s divested assets in the Niger Delta region.
A source told The Nation that arrangements had been concluded for the signing of the understanding with the communities before August 8, unfortunately, the Group Managing Director of NNPC, AndrewYakubu was removed while the NPDC’s Managing Director, Victor Iyowuna Briggs and top management staff of the corporation were also redeployed on August 1.
Read more @ The Nation
