Jun 1, 2015

The Independent Petroleum Marketers Association of Nigeria says it is in talks with global investment bank, JP Morgan and audit firm, KPMG with respect to plans to build two refineries in Nigeria worth a combined $3 billion (about N600 billion at current exchange rates).

In 2014, IPMAN announced plans to construct two refineries in Kogi and Bayelsa states. However, the association is currently split into factions.

The factional IPMAN President, Mr. Chinedu Okereke, told journalists in Abuja that the association was in talks with the world’s leading financial institution and the renowned audit/advisory firm in a bid to get the two refineries built and running.

He said IPMAN recently met with Central Bank officials to informing the apex regulator that it was set to get funding for the project and wanted to be subject to regulatory guidelines.

Okereke said, “When we came on board, we attracted some foreign investors and we all went to the government of Kogi State. We had a proposal for two refineries and we are still working on it. If not for the general elections, we would have gone far. The government of Kogi State gave us over 1,380 hectares of land for the refinery.

“We have done the perimeter survey of the land and the paperwork for the project is ongoing. As I speak with you, we are talking with JP Morgan and KPMG. Last week, we wrote to the CBN telling them that we want to bring in funds and they gave us the guidelines on how to go about it. About $3bn is needed for this project, Okereke informed.”

 http://www.ekekeee.com/nigerias-fuel-marketers-are-talking-to-the-worlds-biggest-bank-agenda-refineries/?utm_source=&utm_medium=twitter

Thats nice build more.

Hmmm... so they had this business sense all along but choose to scam the state.

@op. Source

coolcharm:
Hmmm... so they had this business sense all along but choose to scam the state.

WHY STRESS THEMSELVES WHEN THEY COULD MAKE EASY MONEY BUT THE BEAUTY OF CAPITALISM IS THAT THEY CAN SEE DANGOTE ABOUT TO MAKE THEM ALL PAUPERS.I HAVE ALWAYS BELIEVED THAT WE ARE OUR PROBLEM NOT GOVERNMENT.WHY CAN'T MANUFACTURERES ASSOCIATION BUILD INDUSTRIAL ESTATES WITH THEIR OWN INFRASTRUCTURE WHILE FARMERS ASSOCIATION POOL RESOURCES AND SET UP MEGA FARMS

No one is going to put their hope on these criminals. let us wait for the administration to take their step on the petroleum issue.