ADC Demands Full Audit Before Privatisation of Nigeria’s Refineries

Abuja, Nigeria—July 17, 2025: The African Democratic Congress (ADC) has issued a strong statement questioning the Federal Government’s transparency regarding the privatization of Nigeria’s state-owned refineries.

Consequently, the party demands a comprehensive audit of these facilities prior to any sale, highlighting concerns over billions spent on rehabilitation without visible results.

Mallam Bolaji Abdullahi, the ADC spokesperson, publicly criticized the Tinubu administration’s refinery management, citing massive investments that yielded no improvement.

He pointed out that nearly $18 billion spent on rehabilitation efforts failed to enhance refining capacity or reduce operational costs effectively.

Abdullahi raised concerns about the timing and strategy of the proposed privatization, referencing previous claims of partial refinery resumption.

He believes the current approach lacks clarity and may lead to significant issues.

Furthermore, he warned that outright sales might promote criminal activities, especially if undervalued assets fall into cronies’ hands.

He expressed concern that such sales could deceive the public and erode trust in government and public institutions.

Additionally, Abdullahi challenged the true nature of the assets being sold, emphasizing that the infrastructure is outdated and hollowed.

He raised doubts about the sale’s legitimacy, questioning whether the assets and process truly serve the public interest.

He declared that the entire value chain has become a black hole for public funds, fueling doubts about transparency and accountability.

The ADC contended that if privatization was the ultimate goal, years of public spending on rehabilitation likely amounted to waste or fraud.
They warned that proceeding with sales without proper audits and transparency would damage trust in government and might even constitute criminal conduct.

Calls for Transparency and Accountability

The party’s statement strongly emphasized the necessity of a comprehensive and independent audit before any privatization efforts commence.

Abdullahi asserted that this audit is crucial to establishing the true condition of the refineries and ensuring accountability for the billions spent on their rehabilitation.

Furthermore, Abdullahi stated, “The government cannot, in good conscience, use public funds for asset rehabilitation only to sell them.

Without accountability for previous investments and public reckoning, this approach is unacceptable.”

In addition, the ADC called for a thorough forensic examination of all funds allocated to refinery rehabilitation since 2010.

They also requested a third-party technical assessment to evaluate the refineries’ viability, ensuring transparency in the process.

Moreover, the party insisted that the findings be publicly presented during a legislative hearing.

This hearing should involve civil society groups, energy economists, and anti-corruption agencies to foster accountability and public trust.

Concerns Over Wasteful Spending

The ADC’s statement highlighted what it described as “perennial waste and underhanded dealings” associated with Nigeria’s refinery rehabilitation efforts.

Successive administrations, including the current one, have reportedly spent billions on turnaround maintenance projects that have failed to deliver results.

Abdullahi questioned whether these expenditures reflected incompetence or intentional scams aimed at enriching private interests at public expense.

Additionally, the party emphasized comments from Africa’s prominent industrialist, Alhaji Aliko Dangote, who doubts Nigeria’s refineries’ effectiveness.

Abdullahi questioned the purpose of the asset sale, pointing out that outdated infrastructure hampers effective operations significantly.

He emphasized the urgent need to understand precisely what is being sold and why the sale is happening now.

What Is Being Sold? Scrap or Sovereign Assets?

Abdullahi questioned the assets’ true nature, highlighting that infrastructure is obsolete, operations are hollow, and funds disappear.

He immediately questioned why the assets are being sold now, seeking clarity on what exactly is being transferred.

The ADC contended that if privatization was the ultimate goal, then years of public spending on rehabilitation were unnecessary.

Furthermore, the party warned that moving forward without proper audits and transparency would undermine trust and potentially lead to criminal charges.

A Matter of Public Trust

The ADC framed its objections as not merely financial but deeply rooted in issues of public trust and governance.

Abdullahi accused the Tinubu administration of attempting to mask systemic failures through a rushed privatisation process while avoiding accountability for past mismanagement.

“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,” he stated.

The party warns that attempting to sell Nigeria’s refineries without a full audit will be deemed illegitimate and criminal.

It emphasizes that proper investigation and transparency are essential before any sale to ensure legality and accountability.

It pledged to oppose such moves through all available channels, insisting that transparency and accountability must precede any discussions about privatisation.

As Nigeria faces significant challenges in its energy sector, the ADC demands accountability and transparency.

These demands highlight broader concerns regarding governance and resource management throughout the country.

Although the impact of these calls remains uncertain, they reflect increasing dissatisfaction with the management and monetization of public assets in Africa’s largest economy.

Currently, the ADC has clearly stated its position: no sale should occur without a thorough review of past expenditures.

Furthermore, a transparent audit process must involve all relevant stakeholders.

The party emphasizes that maintaining public trust is essential for effective policymaking within Nigeria’s energy sector.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook