Meanwhile, the NNPC has kicked against a swift relocation of tank farms from their current locations along Ijegun, Kirikiri areas in Lagos and other parts of the country in order to avoid dislocation in the supply and distribution chain of petroleum products nationwide.

The corporation made the submission at a hearing by the House of Representatives’ Ad-hoc Committee on the relocation of tank farms in residential areas of Ijegun, Kirikiri.

A statement by the NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, quoted the Managing Director of the corporation, Mr. Mele Kyari, as saying that NNPC is not averse to the relocation of the tank farms and depots sited in residential areas.

But he said the corporation would rather that some time be allowed to achieve the full rehabilitation of the refineries and the completion of the Dangote refinery to enable the nation to exit fuel importation before their relocation.

The GMD who was represented by the corporation’s Chief Financial Officer, Mr. Umar Ajiya, told the committee that the tank farms and depots were a major artery for receiving and distributing imported petroleum products to all parts of the country.

He added that their abrupt relocation would trigger a crisis not only in the downstream sector but also in the nation’s economy in general.

“We are not opposed to the yearnings of the communities or the relocation of the tank farms and depots, but we want it to be done in phases because of the huge financial commitments by the stakeholders.

“If they are relocated abruptly, even the banking sector would be affected because of the loans they granted for the establishment of the depots,” he stated.