Africa-Press – Nigeria. <\/strong><\/span>The African Democratic Congress (ADC) is raising serious alarms over the federal government\u2019s latest move to privatize Nigeria\u2019s state-owned refineries\u2014facilities that have reportedly swallowed close to $18 billion in public funds over the past decade under the guise of rehabilitation.<\/p>\nIn a statement issued by Mallam Bolaji Abdullahi, ADC\u2019s Interim National Publicity Secretary and spokesperson for the coalition, the party expressed deep suspicion that the Tinubu administration may be misleading Nigerians\u2014especially after confirming it recently spent another $2.8 billion on the same refineries, only to now declare them \u201cmoribund.\u201d<\/p>\n
The statement said, \u201cThe African Democratic Congress (ADC) has noted with deep concern the recent confirmation by the Tinubu administration and the leadership of the Nigerian National Petroleum Company Limited (NNPCL) that the federal government is proceeding with the full privatisation of Nigeria\u2019s state-owned refineries. 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.\u201d<\/p>\n
ADC recalls that it wasn\u2019t long ago that this same government publicly claimed that work had resumed at the Port Harcourt and Warri refineries. Yet today, the story has flipped: despite billions in taxpayer money pumped into these facilities, they are to be sold off\u2014with no public accounting, no audit, no clarity.<\/p>\n
\u201cIt is therefore curious that the same government, having spent such humongous amounts on the refineries, is now planning to sell them off.\u201d<\/p>\n
The party said it sees this as a troubling pattern of waste, mismanagement, and shady backroom deals under the pretext of \u201cturnaround maintenance\u201d\u2014a phrase Nigerians have come to associate more with elite enrichment than actual reform.<\/p>\n
\u201cADC is concerned about the perennial waste and underhanded dealings in the name of turnaround maintenance that never turned anything around but the personal fortunes of those involved. We believe this must not continue. We are however suspicious of the current moves being made by the government to sell off the refineries outright without giving full considerations to alternative options and without consultations with critical stakeholders. Selling off the refineries under the prevailing circumstances is indeed conducive for all sorts of criminal dealings, whereby national assets could be deliberately devalued and sold to cronies.\u201d<\/p>\n
The party said it\u2019s demand is clear -\u201cno sale should go forward without a full and independent audit\u2014financial, technical, and structural\u2014of all funds and processes tied to these refineries.<\/p>\n
\u201cADC therefore calls for a full and independent audit\u2014financial, technical, and structural\u2014before any sale is contemplated or privatisation is considered.\u201d<\/p>\n
It said successive governments have spent billions, with nothing to show and that the refineries remain dead, fuel importation continues, and Nigerians are worse off.<\/p>\n
\u201cSuccessive APC administrations have poured over $18 billion into the so-called rehabilitation of Nigeria\u2019s refineries. The current administration is reported to have spent another $2.8 billion under the same pretext. Yet there is no verifiable increase in refining capacity, no observable cost efficiency, and no fuel security benefit accruing to the Nigerian people. Instead, the same refineries have remained idle or dysfunctional, while the government continues to fund the importation of refined petroleum products.\u201d<\/p>\n
The ADC recalled the reaction of billionaire business man, Alhaji Aliko \u018aangote to reawakening of the refineries.<\/p>\n
\u201cEven Africa\u2019s foremost industrialist, Alhaji Aliko Dangote, whose private refinery now stands as the only viable refining asset in the country, has publicly stated his doubts that these government-owned refineries can ever work again. And he is right to doubt. The infrastructure is obsolete, the operations are hollowed out, and the entire value-chain has become a black hole for public funds. So again, we must ask: what exactly is being sold, and why now?\u201d<\/p>\n
The party argues that if privatisation was always the endgame, then the years of public spending were not only futile\u2014they were fraudulent.<\/p>\n
\u201cThe truth is that if the intention all along was to privatise the refineries, then the years of huge public spending is at best a waste, and at worst a scam.\u201d<\/p>\n
\u201cGovernment cannot, in good conscience, expend public funds on assets under the guise of rehabilitation, only to turn around and offer them for sale\u2014without accountability on the investments already made and without any public reckoning. In other climes, those responsible for such transactions would have faced judgments.\u201d<\/p>\n
For the ADC, the next steps must be non-negotiable \u2013 a forensic audit dating back to 2010 and a full, public legislative hearing involving civil society, economists, and anti-corruption bodies.<\/p>\n
\u201cThe ADC believes that before any conversation about privatisation can proceed, there must be a comprehensive forensic audit of all funds allocated to refinery rehabilitation from 2010 to date. There must also be a third-party technical assessment to determine the true status and potential of the assets in question.\u201d<\/p>\n
\u201cThe audit findings must be presented in full to the public through a legislative hearing, with civil society, energy economists, and anti-corruption agencies present. Until then, any attempt to sell these refineries must be considered not just illegitimate, but criminal.\u201d<\/p>\n
The issue, the party stressed, \u201cis bigger than economics\u2014it\u2019s about rebuilding trust in governance.<\/p>\n
\u201cThis is not simply about public finance. It is about public trust. If this government truly believes in reform, then it must begin with the truth. And if it claims to be accountable, then it must submit itself to 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 to cronies and to mask years of systemic failure.\u201d<\/p>\n
Source: Daily Post Nigeria<\/b><\/p>\n
For More News And Analysis About Nigeria<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By Nana Ismail Africa-Press – Nigeria. The African Democratic Congress (ADC) is raising serious alarms over the federal government\u2019s latest move to privatize Nigeria\u2019s state-owned refineries\u2014facilities that have reportedly swallowed close to $18 billion in public funds over the past decade under the guise of rehabilitation. In a statement issued by Mallam Bolaji Abdullahi, ADC\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":170071,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,1437,29,28,2660],"tags":[118,37,701,254],"class_list":["post-170072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-head-lines","category-homepage-english","category-to-homepage","tag-adc","tag-bola-tinubu","tag-fg","tag-nigeria"],"yoast_head":"\n
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