Nigeria Sovereign Investment Authority, NSIA, is to massively invest in refineries to end products importation.

Managing Director, Mr Uche Orji, disclosed this while presenting the organisation’s 2017 Audited Financial Results, in Abuja, weekend.

He said his team spent the whole of last week in talks with officials of Nigerian National Petroleum Corporation, NNPC, in this regard.

Orji also disclosed that NSIA had already concluded discussions with International Oil Companies, IOCs, operating in the country, to ensure adequate crude supply to modular refineries, which would play a significant role in the initiative.

He said: “Every single day in this last week, I have been at NNPC. There are all kinds of conversations going on. I will say the following three things. The first is we are actually interested in refineries.

“One of the things we have spoken about publicly and work has gone on extensively is the modular refineries. Modular refineries that will make kerosene cuts, diesel cuts and then put the remaining back into the export blend for the country, and we just concluded a whole bunch of meetings with most of the IOCs to make sure we can get crude to build out these modular refineries.

“Second, you have seen the announcements that have come out of the NNPC in terms of going back to some people, including some of the original people that built the refineries, to actually help revive them.

The MD announced that going forward, NSIA would shift most of its attention to domestic direct investments, especially in infrastructure projects.

The MD said there would be no dividend for shareholders in the year under review but was optimistic, however, that from the 2018 financial year, it would be considered.

“We did consider making dividend payments. The law says that we should show profits consistently for five years after which we start declaring dividends, and this is the fifth year of strict profitability. That is another thing we need to manage when it comes to profitability to ensure that these funds continue to show profits,’’ he said.

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