The African Democratic Congress (ADC) has called for a comprehensive audit of Nigeria’s state-owned refineries before considering their sale. The party cited what it described as reckless mismanagement of more than $20.8 billion in public funds spent on their rehabilitation, which has not yielded any results.
In a statement signed by Bolaji Abdullahi, the party’s Interim National Publicity Secretary, the party cited what it described as reckless mismanagement of more than $20.8 billion in public funds spent on their rehabilitation, which has not yielded any results
ADC expressed concern about recent announcements from the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) regarding plans to fully privatize the nation’s refineries.
The party also described the proposed sale as premature, suspicious, and potentially criminal, especially coming shortly after the government stated that some of the refineries had resumed partial operations.
“It is deeply troubling that after spending over $18 billion across successive All Progressives Congress (APC) administrations, and an additional $2.8 billion under the present government, there is still no tangible improvement in refining capacity. Now, the same government wants to quietly sell off these assets. Nigerians deserve to know: what exactly is being sold – scrap or sovereign assets?” the statement read.
The ADC questioned the sincerity and transparency of the Bola Tinubu administration, warning that the approach could lead to the undervaluation and sale of national assets to “cronies or even to themselves under the guise of reforms.”
The party further accused past and present administrations of using ‘Turnaround Maintenance (TAM)’ as a cover for corruption and personal enrichment, describing the refineries as “a black hole for public funds.”
It also referenced statements by business mogul, Aliko Dangote, who recently cast doubt on the viability of the refineries, noting that his private refinery stands as the only operational refining facility in the country.
“If the goal was always to privatise, then the billions of dollars spent were either wasted or were part of a long-running scam,” the ADC stated.
The party demanded a full forensic audit –financial, technical, and structural – of all funds allocated for refinery rehabilitation from 2010 to date.
