Iyunade Grace
Atiku Abubakar, former Vice President and PDP presidential candidate, is urging the Nigerian National Petroleum Company Limited (NNPCL) to discontinue its proposed refinery deal, saying the facilities should have been sold before rehabilitation. Atiku believes that pouring public funds into moribund refineries is economically indefensible, citing the $1.5 billion spent on the Port Harcourt Refinery with no petrol produced.
He argues that decades of turnaround maintenance have consumed billions of dollars without results, exposing weaknesses in capacity, technical expertise, and financial discipline. Atiku had previously advocated for privatization, but was criticized and accused of plotting to sell public assets to associates.
The NNPCL is exploring partnerships with foreign firms, including a Chinese company, to revive its refineries. However, Atiku warns that such deals would replicate failed models and advises against pursuing new refinery agreements.
Atiku’s stance is based on the failure of previous attempts to revive the refineries, which he believes is a result of corruption and inefficiency. He argues that the government should focus on creating an enabling environment for private investors rather than investing public funds in failing enterprises.
The refineries in question, including the Port Harcourt Refinery, have been a drain on Nigeria’s economy, with billions spent on maintenance and rehabilitation without significant results. Atiku’s call for discontinuing the proposed deal is seen as a push for more transparent and efficient management of Nigeria’s oil sector.
The NNPCL has been under pressure to increase domestic fuel production and reduce imports, but its efforts have been hampered by technical and financial challenges. Atiku’s comments highlight the need for a more sustainable approach to managing Nigeria’s refineries.
The proposed deal has sparked debate, with some arguing that it could bring in much-needed expertise and investment, while others see it as another opportunity for corruption and mismanagement.
