The African Democratic Congress (ADC) has issued a stern warning to the President Bola Tinubu-led Nigerian government, urging it not to proceed with the planned sale of the country’s state-owned refineries without first accounting for the billions of dollars previously spent on their rehabilitation.
In a strongly worded press statement released on Thursday, the ADC questioned the rationale behind the proposed privatisation.
It highlighted that successive administrations had collectively spent nearly $18 billion — most recently, $2.8 billion under the Tinubu-led government — on reviving the Port Harcourt, Warri, and Kaduna refineries.
“The African Democratic Congress (ADC) has noted with deep concern the recent confirmation by the Tinubu administration and the leadership of the Nigerian National Petroleum Company Limited (NNPCL) that the federal government is proceeding with the full privatisation of Nigeria’s state-owned refineries,” the statement read.
The party’s National Publicity Secretary and Coalition Spokesperson, Mallam Bolaji Abdullahi, said the move raises serious questions about transparency, accountability, and the sincerity of government efforts over the years.
“This development, coming just months after government officials claimed that the Port Harcourt and Warri refineries had resumed partial operations, raises fundamental questions about transparency and policy coherence,” the statement continued.
“It is therefore curious that the same government, having spent such humongous amounts on the refineries, is now planning to sell them off.”
The ADC said it is alarmed by what it described as “perennial waste and underhanded dealings” in the name of turnaround maintenance, which have delivered little to no benefit to Nigerians but have only enriched a few individuals.
The party further warned that the proposed sale could open the door to corrupt practices, stating: “Selling off the refineries under the prevailing circumstances is indeed conducive for all sorts of criminal dealings, whereby national assets could be deliberately devalued and sold to cronies.”
To avoid what it described as a “massive economic betrayal,” the ADC is demanding a full, independent audit — financial, technical, and structural — before any sale is contemplated.
The party cited remarks made by Africa’s richest man, Alhaji Aliko Dangote, who has publicly expressed doubt over the viability of the government-owned refineries.
It said such expert opinions, coupled with years of inactivity and wasteful spending, only reinforce the need for a comprehensive investigation.
“The infrastructure is obsolete, the operations are hollowed out, and the entire value-chain has become a black hole for public funds. So again, we must ask: what exactly is being sold, and why now?”
The statement concluded with a call for accountability: “Government cannot, in good conscience, expend public funds on assets under the guise of rehabilitation, only to turn around and offer them for sale — without accountability on the investments already made and without any public reckoning. In other climes, those responsible for such transactions would have faced judgment.”
There has been anger since it was reported that there are plans to sell the Nigeria owned refineries despite monies spent on rehabilitation.
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