The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown.

The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities.

The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day.

The country relies largely on importation of refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs.

Port Harcourt Refining Company generated a total revenue of N10.33bn from 2015 to 2019, but posted a loss of N229.14bn.

The refinery generated zero revenue in 2019; N1.46bn in 2018; N4.82bn in 2017; N3.37bn in 2016, and N683.52m in 2015.

It lost N50.53bn in 2019; N45.59bn in 2018; N53.77bn in 2017; N43.44bn in 2016, and N35.81bn in 2015.


Kaduna Refining and Petrochemical Company reported revenue of N4.17bn and a loss of N307.27bn in the five-year period.

The refinery generated revenue of N37.17m in 2019, compared to zero revenue reported in 2018. Its revenue had risen to N2.24bn in 2017 from N1.47bn in 2016 and N418.76m in 2015.

It posted a loss of N65.99bn in 2019, N63.64bn in 2018, N111.89bn in 2017, N30.19bn in 2016 and N35.56bn in 2015.

Warri Refining and Petrochemical Company posted a revenue of N6.62bn and a loss of N242.30bn in the period under review.

Its revenue dropped to N921.82m in 2019 from N1.99bn in 2018 and N1.25bn in 2019. It had risen from N884.39m in 2015 to N1.58bn in 2016.

The refinery recorded a loss of N51.66bn in 2019, compared to N52.18bn in 2018, N84.60bn in 2017, N24.50bn in 2016 and N29.36bn in 2015.

Kaduna refinery, in its 2019 annual report, said its losses had arisen principally from its inability to operate profitably under its current processing contract with its parent company, NNPC.

The report said, “KRPC’s primary source of revenue is from the processing of crude oil for NNPC. The processing fees are determined solely by NNPC, without consideration for related costs and are significantly lower than the costs incurred to produce.

“The high cost is also due to the current structure of the organisation whereby the company bears the total cost of personnel expenses.”

It said the NNPC had undertaken not to reduce its shareholding in the company and to continue to support it by funding its operations ‘until such time the company is in a position to adequately finance its operations’.


NNPC’s latest monthly report showed that Port Harcourt refinery stopped processing crude oil in April 2019, while Warri and Kaduna refineries have been idle since May and June 2019 respectively.

The corporation said the declining operational performance of the refineries ‘is attributable to ongoing revamping of the refineries, which is expected to further enhance capacity utilization once completed’.

The Federal Executive Council approved on Wednesday the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn.
Source: https://m.punchng.com/Business/FG-refineries-earn-N21bn-lose-N778bn-in-five-years

Those thinking Tinubu will be president in 2023 are in for a shock


In the eight-page secret memo dated May 4, 2021, Mr Malami told Mr Buhari that insecurity across Nigeria has reached a level that could no longer be checked by existing democratic techniques, saying only a state of emergency promulgated by the president can help return the country to tranquillity.

“The essence of declaration is to allow for suspension of constitutional and legal bureaucratic bottlenecks pertaining to matters of National Security with particular regards to fundamental rights guaranteed under Chapter IV of the 1999 Constitution and processes and procedures relating to procurements, among others,” the attorney-general said.

Mr Malami said the president should issue instruments of emergency and publish them in the federal gazette. Senate President Ahmed Lawan and Speaker Femi Gbajabiamila will be informed about the decision ahead of implementation, he added.

“To douse probable legal tension, it is important for the proclamation instrument of the statement of emergency to expressly provide for the suspension of Chapter IV of the 1999 Constitution and its attendant enforcement rules,” Mr Malami wrote. “The suspension of rights pertaining to matters of national security will then give legal backing for the proclamation of the statement of emergency to be operational and effective without litigious or judicial distractions.”

In the early pages of the document, Mr Malami cited widespread acts of insecurity and blamed prominent separatist agitators like Sunday Igboho and Nnamdi Kanu for fueling the protracted crisis that has enveloped the country and aggravated the social and economic conditions of Nigerians.
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