• Reps stop NNPC’s $400m loans bid for refineries

    Reps stop NNPC’s $400m loans bid for refineries

    The House of Representatives committee on Privatization and Commercialisation yesterday stopped the planned bid by the Nigerian National Petroleum Corporation (NNPC) to acquire a $400 million loan for the upgrade of the four refineries in the country.

    The committee headed by Hon. Ahmed Yerima said the NNPC was breaching Section 11 (g) of the Public enterprises ( Privatisation and Commercialization) Act 1999, which gives the National Council on Privatisation the power to do such.

    Members of the committee said the NNPC should […]