The African Democratic Congress (ADC) has demanded a comprehensive forensic audit of Nigeria’s state-owned refineries (NNPC) before any plans for their sale are considered.
In a statement signed by its Interim National Publicity Secretary, Bolaji Abdullahi, raised alarm over recent statements by the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) indicating an intent to privatize the refineries.
The ADC alleged that over $20.8 billion in public funds have been wasted on multiple failed rehabilitation projects.
It was described as “premature, suspicious, and potentially criminal” the Federal Government’s latest move to privatize the refineries, especially after claims that some have resumed partial operations.
“It is deeply troubling that after spending over $18 billion during successive APC administrations, and another $2.8 billion under the current government, refining capacity remains negligible.
“Nigerians deserve to know: are we selling scrap or sovereign assets?” the statement read.
The party warned that the Bola Tinubu administration’s approach could lead to the undervaluation and sale of national assets to political allies disguised as reforms.
ADC accused successive governments of using refinery rehabilitation, popularly termed Turnaround Maintenance (TAM), as a channel for corruption and mismanagement, branding the refineries a “black hole for public funds.”
Citing recent comments from industrialist Aliko Dangote questioning the functionality of the refineries, the ADC argued that his private refinery now stands as the only viable refining operation in Nigeria.
“If privatisation was always the plan, then the billions spent were either wasted or part of a long-running fraud,” the party stated.
The ADC called for a full forensic audit, financial, technical, and structural, of all funds allocated to refinery rehabilitation since 2010.
It also demanded an independent technical assessment of the refineries’ current state, with findings made public through legislative hearings involving civil society organizations, anti-corruption agencies, and industry experts.
“Until these conditions are met, any attempt to privatize the refineries must be viewed as illegitimate and resisted.
“This is not just about money; it’s about public trust. What Nigerians are witnessing is not reform, it’s a cover-up,” the ADC declared.
