The African Democratic Congress (ADC) has called for a thorough and independent audit of Nigeria’s state-owned refineries, following revelations that successive administrations may have squandered nearly $18 billion on failed rehabilitation efforts over the past decade.
In a strongly worded statement issued on Thursday by its National Publicity Secretary and spokesperson for the Coalition of Opposition Parties, Bolaji Abdullahi, the ADC expressed alarm over what it described as a sustained pattern of mismanagement, deception, and financial recklessness within the oil sector.
The party questioned the integrity of the current administration under President Bola Ahmed Tinubu, especially after spending an additional $2.8 billion on refinery repairs only for officials to later declare the assets unviable and propose their outright sale.
“How can the same government that claimed the Port Harcourt and Warri refineries had resumed operations now suddenly declare them moribund and unfit for public ownership? Something does not add up,” the ADC stated.
The party condemned what it sees as a deliberate attempt to undervalue and offload national assets without transparency or accountability, warning that the proposed full-scale privatisation could serve as a cover for corrupt deals that favour political allies.
Concerns Over Secrecy and Sudden Policy Reversal
The ADC noted that the federal government had earlier suggested the refineries were back online after the latest round of repairs, creating public expectations of reduced fuel imports and increased energy security. However, with the Nigerian National Petroleum Company Limited (NNPCL) now confirming plans to privatise these assets, the party says the sudden turnaround raises serious questions about policy coherence and credibility.
“We are concerned that the so-called turnaround maintenance, which never turned anything around, has only succeeded in turning the fortunes of a few individuals at the expense of the nation,” Abdullahi said.
“There must be no further step taken toward selling these refineries until Nigerians are fully briefed on what happened to the billions already spent.”
Call for Full-Scale Independent Audit
To ensure accountability, the ADC is demanding a comprehensive forensic audit of the financial records and structural conditions of the refineries, covering expenditures from 2010 to date. The audit, the party insists, must be conducted by independent third-party experts and presented in full at a public legislative hearing, with representatives from civil society, anti-corruption agencies, and industry professionals in attendance.
“Any attempt to proceed with the sale of these refineries in their current state, without audit findings and public disclosure, would not only be illegitimate it would be criminal,” the statement added.
Dangote's Doubts and ADC's Warning
Citing recent remarks by Africa’s richest man, Alhaji Aliko Dangote, who publicly expressed skepticism about the viability of government-run refineries, the ADC argued that the infrastructure has been so neglected and compromised that recovery is nearly impossible.
“If the government always intended to privatise the refineries, then the billions spent were either wasted or looted. There must be a reckoning. Otherwise, this is nothing but an elaborate scam,” the ADC emphasized.
The party concluded that continued attempts to sell off national assets without transparency only deepen citizens’ distrust in government and governance.
“This is no longer just a matter of fiscal irresponsibility it is a matter of national betrayal. If the Tinubu administration is serious about reforms and accountability, it must begin by telling Nigerians the truth and opening its books to scrutiny.”
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