Breaking News | Breaking News N120bn petrol subsidy to be doubled as CBN adjusts exchange rate thestreetjournal.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreetjournal.org Daily Mail and Mail on Sunday newspapers.
Reps panel threatens to summon Buhari
The Reps panel is investigating the controversy surrounding some oil licenses. 3 min read
The House of Representatives Committee on Petroleum (Upstream) has given the Nigerian National Petroleum Corporation (NNPC) 14 days ultimatum to appear before it. Should the NNPC fail to appear, the committee said, it will summon the Minister of Petroleum, President Muhammadu Buhari.
The committee is investigating the revocation and reversal order on the operating licences of OML 123, 124, 126 and 137.
The oil assets have been the subject of dispute between Chinese-owned oil companies and the federal government. The dispute led to the revocation and restoration of the mining licenses by the Buhari administration.
Nigeria: The Refineries of Waste allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
It’s time to sell off the refineries
The essence of business process reengineering in corporate domain is simply to improve results and quality while reducing costs subsequently incurred. It typically involves proper analysis of the workflows of business entities to identify processes that are sub-par or inefficient and get rid of them. The pertinent questions now are: Why has Nigeria refused to reengineer the refineries? When will Nigeria understand the economic folly in holding on to unproductive refineries?
Following from a recent operational report of the Nigerian National Petroleum Corporation (NNPC) which showed again that its refineries in Kaduna, Port Harcourt and Warri are huge loss-making factories, it should be a no-brainer to reengineer them. The NNPC, according to the report, has spent N81.4 billion on the refineries so far in 2020 and only earned N6.5 billion from their operations. Between January and August, the refineries were also unable to process any drop of cr