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TOR now a mess, Board must be dissolved – Petroleum Chemical Workers Union
The General Transport and Petroleum Chemical Workers Union has raised concerns about the state of the Tema Oil Refinery (TOR), alleging mismanagement by the Board of Directors and opposing the proposed lease deal with Torentco Asset Management Group.
In an interview on Eyewitness News on Citi FM, the Union’s National Chairman, Bernard Owusu, took a dig at the TOR Board for failing to get a “genuine partner” to revive the refinery and called for its dissolution.
“The Board of Tema Oil Refinery has exhibited some sort of incompetent attitude that we have been complaining about for the past 18 months, and it seems like authorities are not adhering to our call. A board that has been instituted for almost 2 years, has not been able to get a very genuine partner to take over the affairs of the refinery to ensure that the the refinery runs smoothly,” Owusu said.
He lamented that activities at the refinery are now in limbo due to the inadequacies of the Board.
“You heard a few months ago that electricity at the refinery was shut down. The place is a mess as we speak. We are supposed to run TOR efficiently by policy and guidance from the board and management, but as we speak now, the refinery is in limbo,” he bemoaned.
Owusu also kicked against the Torentco deal, stressing that Torentco lacks the capacity and technical know-how to run the affairs of the refinery.
“We have chanced upon a report, and it has clearly stated that this company called Torentco Asset Management lacks the capacity, and technical how to run the affairs of the refinery. So we made a request to the board, through the Ministry of Energy and Trades Union Congress to send our appeal to the authorities that the company that the board is bent on working with has issues.
“Only for us to be told that this same company that was formed last year, has now changed its form to another company called Tema Energy Processing Limited. And it has floated shares and out of that the refinery workers have been given some part of the shares of 20%. And 40% of the shares have been given to Torentco and 40% given to another company”.
Under the terms of the lease, Torentco Asset Management Group will pay $22 million to lease the refinery for six years. The group is expected to refine up to 8 million barrels annually and will be required to pay an annual rent of $1 million, along with an additional monthly rent of $1.067 million.
Source: Citinewsroom.com
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
