Renowned legal luminary, Olisa Agbakoba (SAN), has recently called on the federal government to prioritize the resuscitation of public refineries over relying solely on private entities such as the Dangote refinery for the production and supply of fuel for domestic consumption. In a statement made in Lagos, Agbakoba emphasized the need for the government to take control of its crude oil resources and revenue, which he believes have been unduly influenced by foreign companies operating in the oil sector.
One of the key issues highlighted by Agbakoba is the lack of transparency in the metering contracts for flow stations, which are crucial for monitoring the flow of crude oil in pipelines awaiting export. He raised concerns about the control that international oil companies have over the country’s crude oil resources, pointing out that without proper metering, it is difficult to accurately determine the amount of crude oil being exported on a daily basis. This lack of oversight, according to Agbakoba, allows foreign companies to maintain a stronghold on Nigeria’s oil sector to the detriment of the country.
Agbakoba also questioned the government’s reliance on private refineries like the Dangote refinery, suggesting that the federal government should focus on reviving its own refineries instead. He referenced a statement by Prof. Itse Sagay, who highlighted the constitutional provision that allows the government to take over the Dangote Refinery, compensate the owner, and sell the products at affordable prices to Nigerians. However, Agbakoba raised concerns about the implications of taking over a private entity’s investment, emphasizing the need for the government to prioritize fixing its own refineries to make private entities like Dangote irrelevant.
In conclusion, Agbakoba stressed the importance of ensuring that Nigeria’s resources are utilized for the benefit of its citizens, rather than being controlled by foreign companies or private individuals. He called on the government to take proactive steps towards revitalizing public refineries, improving transparency in the oil sector, and ultimately working towards a more self-sufficient and sustainable energy industry in Nigeria. By prioritizing the development of domestic resources and infrastructure, Agbakoba believes that Nigeria can achieve greater economic independence and prosperity for its people.
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