1.Till early 1990s refineries used to process crude oil locally and employed Nigerians. In case there was reason for price adjustment it was always in tandem with the reality of the economy then.
2. As Nigerians improve in fraud, patriotism fades off till we all become devourers of ourselves. Hobbesian society arrives, the greed and the villain rule. Achebe’s “Things Fell Apart” occured so we Lost the Paradise according to John Milton. We begin to dance to dirge in self destruction.
3. Three refineries were lost to tribalism and nepotism in the pool of ignorance. Non works, but workers salaries are unstoppable likewise promotion and overseas courses on same refineries in comatose. Lest I forget, Turnaround Maintenance Costs goes on.
4. Shamelessly, we keep importing fuel at triple cost without accountability. Who accounts for other products extracted from the crude sent out till today? Just bring refined PMS we are good to go. A nation of devourers.
5. Same hopeless crude-for-oil swapping plunged the nation into huge debt that has no correspondence to development. Magically, our voodoo commercial banks were “growing” and declaring profits when the mainstay was being wasted, inflation keeps rising. Dollars coming in were traded in BDC, round tripping goes unabated.
6. After years of protests, hard arguments and endless strikes they agreed to Deregulation Act as the solution. This brought subsidy removal. Subsidy was removed. Next is, who will build refinery? Nobody! Meanwhile, some beasts who benefited from the swapping deal built refineries elsewhere.
7. Since no intelligent leader among 200 million Nigerians population to prioritize refinery, a “Moses” rose to rescue. A shrewd business Moses called Dangote. I will not join you to blame him because he did not create the system. He is just a profiteer. He saw opportunity in every national failure as no leader will ever think right to build refinery or revamp any. Dangote dared to build refinery with assurance of nearness to raw material. No crime in the act.
8. Hurray, refinery commissioned and production to begin. Suddenly we got to know that the refinery as a private business should source crude oil from anywhere except in Nigeria NNPCL. From same NNPCL who said masses are suffering because we don’t have refinery? Okay! No problem we move.
9. A strange country where we imported refined oil when there was no refinery, now we have refinery we begin to export crude oil. Students of logic will be confused to analyze it even with symbolic logic tools.
10. In the course of the anarchy we knew that Satan has won the souls of some of the people in charge of Nigeria affairs, if not this absurdity won’t be.
11. If not absurdity, if the 3 refineries are working where will they source crude oil? Can anyone tell me how some people can end well? Still, money lost through subsidy regime could build 20 refineries. Was it not logical to embrace Dangote and revamp others?
12. They rather mortgaged the crude and told us it will end by June 2024 we should endure. Suddenly we heard that it is one of the contracts that will expire. Meaning that we have several ones that will expire in 15/10 years time. Meaning that no relieve ahead soonest. Suddenly ,Dangote’s products are substandard, not licenced. Same NNPCL who invested in the refinery o. Suddenly 20% investment became 7%.
13. Okay, against all odds Dangote had built one refinery, please how can he produce to assist the poor so that the N70k wont become messy. We are not looking for N200 price but stability. Just to hear weird analysis that we are producing below OPEC capacity of 2 million barrels. That we now produce 1.3 million barrels. Out of the 1.3 million the creditors will collect like 500,000 barrels and we must sell minimum of 500,000 barrels to retain external reserve to have something to trade, balance forex and maintain external reserve. Same people who mortgaged Nigeria oil are the forex traders still. Anyway dollar goes on CBN now.
14. In the plethora of ignorance, the poor too are attacking Dangote, what a doom. Some said he should source crude oil from anywhere. The reality is that all costs added together will take petrol to around N1200 if sourced from Brazil and Angola. Then what is the hope of the poor talking rubbish to support those who ran 3 refineries to death? Or government should subsidize Dangote too?
15. President Tinubu must be bold to dismantle the coven called NNPCL to have his way. Nothing else will work. Let’s remember that other investors are watching from afar what’s going on. Should reschedule how crude is being shared through OIC.
16. Dangote is not a saint but he didn’t create the system’s lacuna just a beneficiary.
17. Presidency should consider that investors are looking from afar? If local investor is in a ditch like this
Piece By Oni Gbolabo PhD
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