By Luminous Jannamike
ABUJA – The African Democratic Congress (ADC) has urged the Federal Government to carry out a comprehensive forensic audit of the $21 billion reportedly expended on the rehabilitation of Nigeria’s state-owned refineries before moving ahead with plans to privatise them.
The party voiced deep concern over the apparent lack of transparency and accountability in the management of public funds earmarked for reviving the refineries.
In a statement signed by Mallam Bolaji Abdullahi, the ADC’s Interim National Publicity Secretary and Coalition Spokesperson, the party accused the government of misleading Nigerians, having spent billions of dollars on refinery rehabilitation, only to declare the facilities moribund and propose their sale.
The ADC noted that successive administrations under the All Progressives Congress (APC) have collectively spent over $18 billion on the refineries, while the current Tinubu administration has reportedly committed an additional $2.8 billion.
Yet, despite these vast sums, the refineries remain inactive, leaving Nigeria dependent on imported petroleum products.
“What exactly is being sold, and why now? If the intention all along was to privatize the refineries, then the years of huge public spending is at best a waste, and at worst a scam,” the ADC said.
The party further raised alarm over potential favouritism in the planned privatisation, cautioning that national assets might be undervalued and handed over to political allies.
“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,” Abdullahi stated.
Calling for full accountability, the ADC demanded a thorough and independent forensic audit; covering financial, technical, and structural aspects, before any sale is considered.
“Before any conversation about privatization can proceed, there must be a comprehensive forensic audit of all funds allocated to refinery rehabilitation from 2010 to date,” the party stated.
The ADC also insisted that the audit findings must be made public and presented in a transparent forum.
“The audit findings must be presented in full to the public through a legislative hearing, with civil society, energy economists, and anti-corruption agencies present,” the party said.
Referencing Africa’s top industrialist, the ADC cited doubts expressed by Alhaji Aliko Dangote about the viability of Nigeria’s state-run refineries.
“Alhaji Aliko Dangote 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,” the party said.
The ADC also criticised what it described as inconsistency in government policy, pointing out that officials had recently claimed the Port Harcourt and Warri refineries had resumed partial operations, only to announce plans for privatisation shortly after.
“It is curious that the same government, having spent such humongous amounts on the refineries, is now planning to sell them off,” the party stated.
Emphasising that the matter goes beyond economics, the ADC underscored the implications for governance and public confidence.
“This 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,” the ADC declared.
The party pledged to resist any attempt to sell the refineries without proper public accountability, insisting that the move appeared to be a means of concealing longstanding institutional failure.
“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,” the statement added.
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