…Planned Sale a Cover-Up, Says Opposition Party
By John Paul
The African Democratic Congress (ADC) has issued a stern warning to the Federal Government over its reported plans to privatise Nigeria’s state-owned refineries, demanding a full-scale financial and technical audit before any sale is undertaken.
In a statement released yesterday by the party’s Interim National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused the Bola Ahmed Tinubu-led administration of attempting to offload critical national assets without transparency or 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,” the statement read. “In other climes, those responsible for such transactions would have faced judgments.”
The party insisted that no privatisation process should proceed without a comprehensive forensic audit of all funds allocated for refinery rehabilitation since 2010. It also called for a third-party technical assessment to determine the actual status and value of the refineries.
“The audit findings must be presented in full to the public through a legislative hearing, with civil society, energy economists, and anti-corruption agencies present. Until then, any attempt to sell these refineries must be considered not just illegitimate, but criminal,” the party stated.
Describing the proposed sale as a “cover-up,” the ADC alleged that the move was designed to mask years of systemic failure and to funnel national assets into private hands. “This is not simply about public finance. It is about public trust. If this government truly believes in reform, then it must begin with the truth. And if it claims to be accountable, then it must submit itself to scrutiny.”
The ADC further noted that successive governments have spent nearly $18 billion on the rehabilitation of Nigeria’s three major refineries—Port Harcourt, Warri, and Kaduna—with no tangible improvement in refining capacity or fuel security.
The Tinubu administration alone, the party said, has reportedly spent another $2.8 billion on the refineries, only to later declare them non-functional. “President Bola Tinubu cannot sell national assets in the dark,” the ADC warned, questioning the integrity of the government’s prior statements that the refineries had resumed partial operations.
“The ADC therefore calls for a full and independent audit—financial, technical, and structural—before any sale is contemplated or privatisation is considered,” the statement added.
The party criticised the pattern of waste and alleged mismanagement that has characterised the refineries over the years, pointing to failed “turnaround maintenance” projects that delivered no measurable results. “It is indeed curious that the same government, having spent such humongous amounts on the refineries, is now planning to sell them off,” it stated.
The ADC also questioned whether alternative options had been explored or critical stakeholders consulted before deciding on a sale. “Selling off the refineries under the prevailing circumstances is conducive to all sorts of criminal dealings, whereby national assets could be deliberately devalued and sold to cronies.”
Referencing Africa’s richest man, Alhaji Aliko Dangote, the party noted that even the industrialist had expressed doubts about the viability of the state-owned refineries. “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 ADC concluded that if privatisation was always the end goal, then the billions spent on rehabilitation were either wasted or misappropriated. “The truth is that if the intention all along was to privatise the refineries, then the years of huge public spending is at best a waste, and at worst a scam.”