The Edo State government claims of ownership of the Edo modular refinery is clearly another attempt by the Obaseki government to hoodwink the public.
This project is another Chinese project owned by AIPCC (a joint venture between Peiyang Chemical Equipment Company of China and Africa Infrastructure Partners) who are building refineries in Nigeria under Federal Government oil and gas programmes and incentives.
Some of their ongoing projects include:
* 50,000 BPD Refinery in Koko, Delta State
* 6,000 BPD Modular refinery in Ologbo Edo State (the one being mischievously claimed by Edo State Government)
* Fabrication yard in Ologbo, Edo State
* 6,000 BPD Modular refinery in Umusadege, Delta State
* 12/100 MMSCFD LNG Plant in Edo State
* Plus other oil and gas projects across Nigeria
THESE ARE ALL PRIVATE SECTOR INITIATIVES under the Federal Government oil and gas sector programme!
Obaseki’s government claims to have set up a company called Edo Investment Scheme Limited, with Edo Ministry of Finance and EDSOGPADEC as shareholders, with N700m for “redeemable preference shares” (with no known or published Private Placement Memorandum) and another N2billion being made available as investable funds (a government Investment Company to collect N2billion from two other government agencies to give them shares in the same government Investment company?
Edo people already know what will happen to those funds and who will collect “consultancy fees and commission” on the shadowy ‘transaction’.
In the meantime Neither MOFI or EDSOGPADEC nor Edo Investment Scheme Ltd, own any portion of the project that is said to be 70% completed! (Please read or listen to the revelations made by EDSOGPADEC Commissioners who resigned from the Commission recently!)The Edo State Government can refute these assertions by simply publishing on it’s official website, any private placement Memorandum and transactional documents regarding the refinery.
All the ongoing paperwork and ‘financial schemes’ being packaged by the Edo state government, even at a time when the work is said to be almost completed by the real owners, is clearly an attempt to hoodwink the populace and launder state government funds! (This is another example of the MOU syndrome of the Edo State Government that the Edo people are revolting against)Will Delta State Government also claim ownership of, or credit for, the 50,000 BPD Refinery owned by the same AIPCC in Koko because it is located in Delta State?
Discussion about this post