The African Democratic Congress (ADC) has called for a full-scale audit of Nigeria’s state-owned refineries before any consideration of their sale, citing what it described as the reckless mismanagement of over $20.8 billion in public funds spent on their rehabilitation without results.
In a statement signed by the party’s Interim National Publicity Secretary, Bolaji Abdullahi, the ADC expressed concern over recent disclosures by the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) indicating that plans to fully privatise the nation’s refineries.
The party described the proposed sale as premature, suspicious and potentially criminal, coming shortly after the government claimed 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.
It also sought an independent technical assessment of the current state and viability of the refineries. A public presentation of audit findings before a legislative hearing, with civil society, experts and anti-corruption agencies in attendance, is also among the demands of the opposition party.
“Until these conditions are met, any attempt to privatise the refineries must be deemed illegitimate and resisted,” the party warned. According to ADC, the issue goes beyond fiscal accountability, describing it as a matter of public trust.
“If the government truly believes in reform, then it must begin with the truth. What we are witnessing is not a policy decision; it is a cover-up,” the party added.
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