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
Stringent conditions and terms tied to the new oil bunkering regime of the Federal Government are said to be keeping at bay potential investors.
There are, therefore, insinuations in some quarters that the regime was set up to better the fortunes of a few people, especially the friends of government.
Read more @ The Punch
