…Cites Eleme, NAFCON as Lessons from Past Mistakes
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has issued a strong caution to the Federal Government, urging it to halt any hasty or lopsided sale of Nigeria’s refineries and national assets without proper strategic review and stakeholder involvement.
Dr. Billy Gillis-Harry, National President of PETROAN, raised the red flag during an interview with the News Agency of Nigeria (NAN) on Sunday, in reaction to mounting pressures on the Nigerian National Petroleum Company Limited (NNPC Ltd.) to privatise the country’s ailing refineries in Port Harcourt, Warri, and Kaduna.
“We must not repeat the mistakes of the past,” Gillis-Harry warned. “We cannot afford another Indorama Eleme Petrochemicals situation where a national asset, sold without deep analysis, was turned into a global cash cow by private interests, while ordinary Nigerians gained nothing.”
The PETROAN president emphasized the need for a thorough, inclusive review process, lamenting that Nigeria’s history of asset sales has often resulted in “Eldorados for private companies and penury for the nation.”
The NNPC Ltd., under its ongoing strategic review expected to conclude by year-end, has not ruled out the option of selling off the refineries, citing infrastructural decay and technological obsolescence as key hurdles in their rehabilitation. The Port Harcourt refinery, which briefly resumed operations in late 2023, was shut down again in May 2025 for further maintenance—an outcome Gillis-Harry attributes to poor planning and a systemic neglect of Nigeria’s industrial capacities.
“It is a challenge to Nigeria’s leadership to reflect on our own managerial capacity and the untapped value we possess,” he said. “Why is it that once a public asset is sold, it suddenly starts working?”
Gillis-Harry cited the Eleme Petrochemicals and the National Fertilizer Company of Nigeria (NAFCON) as examples of how once-struggling state enterprises were sold off cheaply, only to become multi-billion-dollar ventures under private ownership, leaving Nigerians sidelined.
He criticized what he described as Nigeria’s “deliberate economic sabotage,” where viable public enterprises are allowed to deteriorate, only to be sold off under the guise of inefficiency.
“The narrative that these refineries, built in the 60s and 70s, are now unfixable is false. If Indorama could take over Eleme and turn it around, why can’t we? Do we lack the brains, the expertise, or the will?” he queried.
Gillis-Harry stressed that while PETROAN supports the idea of privatization, the process must be transparent, inclusive, and in the best interest of the Nigerian people.
“We have always said: If the refineries must be privatized, let all stakeholders, especially those who understand and care about the industry, be part of the process. We must protect our common patrimony,” he insisted.
He called for a national rethink on how Nigeria handles its strategic assets, advocating for policies that foster domestic expertise, technological innovation, and long-term economic sustainability.
“What’s wrong with Nigeria? Why do we continuously hand over our economic engines to others, only to watch them flourish while we sink deeper into dependency?” Gillis-Harry asked.
The debate over the future of Nigeria’s refineries continues to intensify as the NNPC’s review nears its conclusion, with many stakeholders wary of another sell-off that could see strategic assets slip out of national control.
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