The African Democratic Congress (ADC) has called for a comprehensive and independent audit of Nigeria’s state-owned refineries before any plans to privatize them proceed, raising alarms over alleged mismanagement and lack of transparency in the rehabilitation efforts spanning successive administrations.
In a statement issued on Thursday by its National Publicity Secretary and Coalition Spokesperson, Mallam Bolaji Abdullahi, the ADC condemned the federal government’s latest move to fully privatize the nation’s refineries, arguing that Nigerians deserve a full accounting of the billions of dollars reportedly spent on their rehabilitation.
The party questioned the rationale behind the proposed sale, especially after officials in the current administration recently claimed that the Port Harcourt and Warri refineries had resumed partial operations. According to the ADC, over $18 billion has been committed by successive APC governments toward the refineries’ rehabilitation with the Tinubu administration reportedly spending an additional $2.8 billion yet there has been no significant improvement in refining capacity or reduction in fuel importation.
“Selling off the refineries under the prevailing circumstances is conducive for all sorts of criminal dealings, whereby national assets could be deliberately devalued and sold to cronies,” the statement read in part. “We must ask: what exactly is being sold—scrap or sovereign assets?”
The party also referenced recent remarks by industrialist Alhaji Aliko Dangote, who cast doubt on the viability of the government-owned refineries, suggesting they may never function efficiently again. The ADC concurred, describing the infrastructure as obsolete and the operations as a “black hole for public funds.”
Insisting that the public deserves accountability, the ADC demanded a full-scale audit financial, technical, and structural before any move toward privatisation is undertaken. The party maintained that without transparency and public reckoning, the government risks eroding public trust and enabling what it termed a “systematic plundering” of national assets.
“If the intention all along was to privatize the refineries,” the ADC stated, “then the years of massive spending can only be described as wasteful at best—and fraudulent at worst.”
The party urged the Tinubu administration to halt the privatization process until a proper audit is completed and stakeholders have been fully consulted.