The African Democratic Congress (ADC) has called for a comprehensive forensic audit of Nigeria’s state-owned refineries before any steps are taken toward their sale.
The party alleges that over $20.8 billion in public funds have been squandered on repeated rehabilitation efforts that yielded no results.
In a statement signed by Bolaji Abdullahi, the party’s Interim National Publicity Secretary, the ADC expressed alarm over recent statements by the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) indicating an intent to fully privatise the refineries.
The ADC described the proposed sale as “premature, suspicious and potentially criminal,” especially coming on the heels of government claims that some of the facilities 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 party stated.
The ADC raised concerns about the Bola Tinubu administration’s transparency, warning that such moves risk undervaluing national assets and transferring them to allies or insiders under the guise of reform.
“The approach could lead to the undervaluation and sale of national assets to cronies or even to themselves under the guise of reforms,” the statement continued.
The opposition party accused successive governments of using the guise of Turnaround Maintenance (TAM) to perpetuate corruption and mismanagement.
It labelled the refineries as “a black hole for public funds.”
Referencing recent remarks by billionaire industrialist Aliko Dangote, the ADC highlighted his skepticism about the functionality of state refineries and pointed to his private refinery as the only viable refining operation 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 declared.
In light of these developments, the ADC is calling for a full forensic audit, financial, technical, and structural of all funds allocated for refinery rehabilitation from 2010 to date.
The party also demanded an independent technical assessment of the current condition and operational viability of all refineries.
Furthermore, the ADC insists that the findings be made public in a legislative hearing, with the participation of civil society groups, anti-corruption agencies, and industry experts.
“Until these conditions are met, any attempt to privatise the refineries must be deemed illegitimate and resisted,” the party warned.
For the ADC, the issue transcends fiscal responsibility, it is 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 said.
