•AMCON, banks seize oil dealers’ tank farmsOkechukwu Nnodim, AbujaOil marketers on Thursday declared that the country’s refineries would not work as expected despite the billions of dollars being spent by the Federal Government on rehabilitating the facilities. According to the Major Oil Marketers Association of Nigeria, a body consisting of big players in the oil and gas sector, the billions of dollars pumped into the rehabilitation of refineries by the government are just being wasted. When asked to state what he thought was happening to the refineries, Olawore said, “I think that question can best be answered by the NNPC, but my guess is that the refineries are not doing much. “As presently owned, the refineries cannot work until they are privatised. Why should we continue to waste such monies?”On why private investors were not building refineries, Olawore explained that no investor would invest in a business when he was unsure of recouping his investment.

Source: Punch November 23, 2017 23:03 UTC