The opposition African Democratic Congress (ADC) has called on the Federal Government to conduct a comprehensive forensic audit of Nigeria’s three state-owned refineries before any sale is considered.
The demand follows reports that successive governments have spent as much as $18 billion, and an additional $2.8 billion under President Tinubu’s administration, on refurbishment efforts that yielded no tangible results.
In a statement signed by interim National Publicity Secretary Mallam Bolaji Abdullahi, ADC says the planned full privatisation by the Nigerian National Petroleum Company Ltd (NNPCL) lacks transparency. “This development, coming just months after government officials claimed that the Port Harcourt and Warri refineries had resumed partial operations, raises fundamental questions about transparency and policy coherence,” he noted.
Billions spent, no results
The ADC points out that despite huge investments, $18 billion over past APC administrations and another $2.8 billion recently,.there’s still no increase in refining capacity, no cost efficiencies and no improved energy security. “The same refineries have remained idle or dysfunctional, while the government continues to fund the importation of refined petroleum products,” the party said .
“Scrap or sovereign assets?”
ADC also referenced comments by industrial giant Alhaji Aliko Dangote, who expressed doubt about restoring government‑owned refineries. The party warned that these assets risk being “deliberately devalued and sold to cronies.” Abdullahi asked bluntly: “What exactly is being sold, scrap or sovereign assets?” .
Calls for full audit, public disclosure
Before any privatisation, the ADC has outlined its demands:
A financial, technical and structural audit of all funds spent on refinery rehabilitation since 2010.
An independent third-party assessment to establish the refineries’ actual condition.
A public legislative hearing with participation from civil society, energy experts and anti‑corruption agencies, where findings are presented.
Abdullahi warned: “Until these conditions are met, any attempt to privatise the refineries must be considered not just illegitimate, but criminal.” He added that this is about more than public funds, it’s about public trust. “What we are witnessing is not a policy decision. It is a cover-up,” ADC declared.
What this means for Nigerians:
If no audit is conducted and the refineries are sold, the ADC believes citizens could lose out on hundreds of billions in public investment. The party says it will resist any privatization efforts until full transparency is guaranteed.
