Atedo Peterside: $1.5bn for PH refinery repair can build 12 world-class hospitals

Atedo Peterside, the founder of Stanbic IBTC and Anap Foundation, says the $1.5 billion to be spent on rehabilitating the Port Harcourt refinery can build 12 world-class hospitals.

In a tweet on Thursday, Peterside advised the federal government to sell the Port Harcourt refinery state to qualified private sector investors.

He said private investors can carry out necessary repair works with their own money.

According to him, a world-class hospital costs $125 million and the $1.5 billion earmarked for the refinery would build 12.

“The $1.5bn earmarked for PH Refinery Rehabilitation by #NNPC could build 12 world-class hospitals costing $125m each — two in each geopolitical zone,” he tweeted.

“We could then allow private sector core investors to purchase the refinery and rehabilitate it with their own funds.”

The $1.5bn earmarked for PH Refinery Rehabilitation by #NNPC could build 12 world class hospitals costing $125m each – 2 in each geopolitical zone. We could then allow private sector core investors to purchase the refinery and rehabilitate it with their own funds @officialNESG

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— Atedo Peterside (@AtedoPeterside) April 1, 2021

On March 17, the federal executive council (FEC) approved $1.5 billion for rehabilitation work at the refinery.

Timipre Sylva, minister of state for petroleum resources, said the contract will be awarded to Tecnimont SPA, an Italian company.

He added that the rehabilitation will be done in three phases of 18, 24 and 44 months.

The FG is planning to sell or concession the nation’s refineries, according to a Bureau of Public Enterprises (BPE) document submitted to the national assembly.

Peterside recently said the Port Harcourt refinery generated zero revenue in 2019 despite incurring N47 billion in administrative costs.