The African Democratic Congress (ADC) has issued a scathing demand for a comprehensive and independent audit of Nigeria’s three major refineries, amid revelations that over $18 billion has been spent on their rehabilitation under successive administrations with little to show in terms of output or transparency.
In a statement released by Mallam Bolaji Abdullahi, the party’s National Publicity Secretary and spokesperson for the Coalition, the ADC expressed outrage over the Tinubu administration’s recent admission that it will proceed with the full privatisation of the country’s state-owned refineries. This move, the party noted, starkly contradicts previous government claims that the Port Harcourt and Warri refineries had resumed partial operations following major investments.
“The federal government’s shift towards outright sale of the refineries after reportedly spending an additional $2.8 billion on them demands immediate and honest scrutiny,” the statement read.
The ADC criticized what it described as a pattern of waste, mismanagement, and possible fraud cloaked under the guise of “turnaround maintenance.” According to the party, these exercises have not revitalized the refineries but have only enriched a few well-connected individuals.
“It is curious that the government is now pushing for privatisation mere months after claiming the refineries had resumed operations. This inconsistency calls into question the integrity of the entire process,” Abdullahi stated.
Calling the situation “a black hole for public funds,” the party drew attention to comments made by Africa’s leading industrialist, Alhaji Aliko Dangote, who has openly doubted the viability of Nigeria’s public refineries. Dangote’s own privately owned refinery has recently emerged as the only functional refining facility in the country.
“If even Dangote believes the refineries may never work again, then what exactly is being sold? And why now?” the ADC asked.
The party warned that the current circumstances surrounding the sale create an enabling environment for asset stripping, undervaluation, and insider dealing.
They expressed concern that national assets may be handed over to political cronies under questionable terms, with no transparency or public input.
Accordingly, the ADC is demanding the following before any steps are taken toward privatisation:
A full forensic audit covering financial, technical, and structural aspects of all spending on refineries from 2010 to date.
A third-party technical assessment to establish the actual condition and potential value of the refineries.
A public presentation of findings through legislative hearings involving civil society groups, energy experts, and anti-corruption agencies.
“The government cannot, in good conscience, invest billions of public dollars into refineries, declare them moribund, and then quietly sell them off without answering for what happened to the funds already spent,” the ADC insisted.
The party further warned that any move to sell the refineries without such accountability should be considered “not only illegitimate, but criminal.”
The ADC concluded by stating that this issue goes beyond economics it touches the very core of public trust and democratic accountability.
“If this government truly believes in reform, then it must begin with the truth. And if it claims to be accountable, then it must welcome scrutiny. What we are witnessing is not a policy decision. It is a cover-up. And the ADC will not stand by while national assets are quietly auctioned off to mask years of systemic failure.”
