The African Democratic Congress (ADC) is expressing grave concerns over the recent decision by the federal government to privatise the state-owned refineries in Nigeria. These facilities have allegedly squandered nearly $18 billion in public monies over the last decade, despite claims that they were rehabilitating them.
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The ADC has expressed strong suspicions that the Tinubu administration is trying to mislead Nigerians, according to a statement released by Mallam Bolaji Abdullahi, the coalition’s spokesperson and interim national publicity secretary. This suspicion is based on the fact that the Tinubu administration has claimed the refineries are “moribund” after spending an additional $2.8 billion on them.
In a recent statement, the African Democratic Congress (ADC) expressed its deep concern over the confirmation by the Tinubu administration and the leadership of the Nigerian National Petroleum Company Limited (NNPCL) that the federal government is moving forward with the full privatisation of Nigeria’s state-owned refineries. Concerns regarding openness and consistency in policy are heightened by this latest turn of events, which follows months of assurances from government officials that the Warri and Port Harcourt refineries had partially resumed operations.
Refinery operations in Port Harcourt and Warri were supposedly restored not long ago, according to ADC’s recollection. Today, however, the tables have turned: these institutions, which have received billions of dollars in government funding, are to be auctioned off without any public accounting, audit, or transparency.
“It is perplexing that the government, which has lavishly invested in the refineries, is now contemplating their sale.”
According to the party, there is an alarming trend of mismanagement, waste, and underhanded dealings cloaked in the banner of “turnaround maintenance”—a term that the Nigerian people now connect more with the enrichment of the ruling class than with genuine reform.
ADC is worried about the ongoing corruption and shady activities with turnaround maintenance, which have only improved the financial situations of the people involved. This, in our opinion, can not go on.
On the other hand, we have our doubts about the government’s current actions, which involve selling the refineries without consulting important parties or fully considering alternative choices. Under the current climate, selling off the refineries opens the door to all kinds of illegal operations, wherein national assets could be purposefully depreciated and transferred to friends and family.
The party made it plain that it wants all finances and processes related to the refineries to undergo a thorough and independent audit, including financial, technical, and structural aspects. Without this examination, the sale cannot proceed.
Before considering a sale or privatisation, ADC demands a comprehensive and impartial audit covering all aspects, including financial, technical, and structural aspects.
Refineries are still not operational, gasoline imports are ongoing, and the economic situation of Nigerians is worse, according to the report, which claimed that multiple administrations had spent billions of dollars on nothing.
The so-called restoration of Nigeria’s refineries has received more than $18 billion from successive APC administrations. Using the same justification, the present government allegedly spent an additional $2.8 billion.
However, the Nigerian people have not reaped any benefits in terms of increased refining capacity, economic efficiency, or fuel security. The government still pays for refined petroleum products to be imported, but the same refineries are either not working or are inoperable.
The ADC brought up the response of Alhaji Aliko ƌangote, a billionaire businessman, to the revival of the refineries.
Even the most prominent African businessman, Alhaji Aliko Dangote, has voiced his scepticism that the country’s state-owned refineries will ever be operational again; his private refinery is now the sole practical refining asset.
And his scepticism is warranted. The entire value-chain has turned into a money pit for the government, with infrastructure that is decades old and operations that are practically nonexistent. Therefore, the question of “what is being sold and why now?” must be reiterated.
Public expenditure over the years was not only fruitless, but fraudulent, according to the party’s logic, as privatisation was always the ultimate goal.
“The years of massive public expenditure have been, at best, a waste, and at worst, a fraud, if privatising the refineries was the original goal.”
Without public accountability and after investing public monies in assets ostensibly for rehabilitation, the government cannot, in good conscience, offer these assets for sale. Judgements would have been handed down to individuals responsible for such deals in other climates.
Obtaining a forensic audit covering the years 2010 and holding a public legislative hearing with participation from civil society, economists, and anti-corruption agencies are the next essential steps for the ADC.
“A thorough forensic audit of all monies allotted to refinery rehabilitation from 2010 to date is necessary before any discussion of privatisation can take place,” stated the ADC. To find out how the assets actually are and what they can do, a technical evaluation by an outside party is also necessary.
Legislators, representatives from civic society, energy economists, and anti-corruption organisations must all attend a public hearing to hear the audit’s full report. Until then, any effort to sell these refineries should be seen as not only illegal, but also illegitimate.
The party emphasised that the matter at hand “is bigger than economics—it’s about rebuilding trust in governance.”
“Public finance is just one aspect of this. Public confidence is at stake. The truth must be the starting point for any reform effort by this administration. And if it wants to be held responsible, it needs to be open to being examined. This does not constitute a judgement on policy.
This is all an attempt at concealment. As for the cover-up of years of systemic failure and the clandestine auctioning off of national assets to friends and family, the ADC will not sit on its hands.