Nigeria’s state-owned refineries may soon be sold off, following startling comments from the new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari.
Ojulari said the company is reviewing its refinery operations, and “sale is not out of the question”.
This disclosure followed similar remarks by billionaire Aliko Dangote, who stated that the Port Harcourt, Warri, and Kaduna refineries “may never work again” despite swallowing about $18bn.
Ojulari, appointed in April by President Bola Tinubu, said NNPCL invested massively with little result. “We brought in a lot of technologies, but some have not worked as expected,” he said.
According to him, repairing the outdated refineries is becoming “more complicated”, as the facilities have been “abandoned for some time” and contain ageing infrastructure.
Calls for Accountability and Public Trial
Opposition figures wasted no time. They slammed Tinubu’s administration and demanded a criminal investigation into how the billions were spent.
The Obidient Movement’s National Coordinator, Yunusa Tanko, said the new revelations confirmed a long-running pattern of deceit and poor governance.
“Now, the lie has unveiled itself. That means you cannot trust this government or whatever they tell you,” he said.
Tanko traced the collapse of the refineries back to Muhammadu Buhari’s government and accused Tinubu of worsening the legacy.
“They did not do due diligence… they took off from where Buhari left and took us far worse,” he added.
Peter Ameh of the Coalition of United Political Parties also weighed in.
“Before the APC talks about sales, they must investigate the billions wasted. Who will be held responsible?” he asked.
He called for a public trial similar to the Oputa Panel to reveal how the funds disappeared.
“If we don’t do this, we are emboldening corruption in this country,” he said.
Should the Refineries Be Sold Off or Saved?
The possibility of a sale has divided opinions.
Former Senator Shehu Sani said he disliked the idea of selling national assets. But added, “the lesser devil is to sell them… rather than spend another $7bn”.
Political economist Pat Utomi blamed the government for ignoring expert advice. “Anyone who understands these things knew it was a waste,” he said.
Dr Olu Agunloye of the Social Democratic Party praised Ojulari’s honesty. “Stop the corruption and get to work,” he urged.
Aliko Dangote recalled how he returned the refineries after Yar’Adua’s government reversed Obasanjo’s privatisation.
“As of today, they have spent about $18bn on those refineries, and they are still not working. I doubt very much if they will work,” he said.
Former President Olusegun Obasanjo, in earlier remarks, said international oil firms refused to run the refineries when he asked.
“NNPC knew they could not do it, but they wanted to keep eating,” he said.
He warned: *”If anybody tells you now that it (the refinery) is working, why are they now with Aliko?”
Henry Okojie, a member of the House of Representatives, said Nigerians must have a say in whether the refineries are sold.
“We represent millions who own these refineries,” he said.
Okojie’s committee plans a forensic investigation into the spending. “We can’t continue to fund projects that don’t work,” he added.
Between 2021 and now, ₦100bn has reportedly been spent on rehabilitation, with NNPCL budgets running into billions of dollars. Yet, the refineries are almost moribund.
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