Former Vice President, Atiku Abubakar, has called for the immediate suspension of the Nigerian National Petroleum Company Limited (NNPCL)’s proposed refinery partnership with two Chinese firms. He described the deal as opaque, high-risk, and lacking the technical credibility required to manage Nigeria’s critical oil infrastructure.
🔷 Concerns Over Transparency and National Interest
In a statement released on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku strongly criticized the administration of President Bola Ahmed Tinubu, accusing it of attempting to mortgage Nigeria’s strategic oil assets through agreements that lack transparency.
According to him, the partnership—presented as a “Technical Equity Partnership”—raises serious concerns about accountability and due process. He warned that such arrangements, if not properly scrutinized, could jeopardize Nigeria’s economic stability and energy security.
🔷 Details of the Controversial Agreement
The controversy centers on a recently announced Memorandum of Understanding (MoU) between NNPC Ltd. and two Chinese companies:
- Sanjiang Chemical Company Limited
- Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd
The agreement reportedly involves the rehabilitation and management of the Port Harcourt and Warri refineries, two of Nigeria’s most strategic oil assets.
Atiku described the move as “both shocking and insulting,” especially in light of the over $2.5 billion reportedly spenton previous refinery rehabilitation efforts. He questioned why Nigerians are being asked to trust yet another initiative that, in his words, appears to be “built on secrecy and questionable competence.”
🔷 Questions Over Technical Competence
A major pillar of Atiku’s criticism is the technical capacity of the selected firms.
He acknowledged that Sanjiang Chemical Company Limited is a legitimate petrochemical firm but noted that its core operations revolve around:
- Surfactants
- Ethylene oxide production
- Methanol-to-olefins processes
- Light hydrocarbon processing
However, he stressed that there is no verifiable evidence indicating that the company has ever built, operated, or managed a full-scale crude oil refinery comparable to those in Port Harcourt or Warri.
Similarly, Atiku raised doubts about Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, stating that the company appears to lack any credible experience in refinery operations, petroleum engineering, or hydrocarbon processing.
He illustrated his concern with a striking Part.
🔷 Why Not Established Industry Experts?
Atiku questioned why the Federal Government and NNPC would allegedly bypass globally recognized engineering, procurement, and construction (EPC) firms with proven track records in refinery management.
According to him, selecting companies with limited or unrelated experience raises serious doubts about the decision-making process and suggests a lack of due diligence.
🔷 Financial Viability Concerns
Beyond technical capability, Atiku also expressed concern about the financial health of Sanjiang Chemical.
He cited reports suggesting that the company is facing:
- Declining revenues
- Shrinking profitability
- Liquidity challenges
Despite being listed on the Hong Kong Stock Exchange, these financial pressures, he argued, cast doubt on the firm’s ability to handle the enormous financial burden associated with reviving Nigeria’s refineries.
He posed a critical question:
“If a company is already struggling financially, how can it effectively manage and rehabilitate two of Africa’s most complex and troubled refineries?”
🔷 Warning Against Repeating Past Failures
Atiku warned that proceeding with the deal could turn Nigeria’s refineries into “another expensive black hole of failed promises, reckless experimentation, and opaque transactions.”
He argued that the country cannot afford to repeat past mistakes, especially after significant investments have already been made with little to show for it.
🔷 Demand for Transparency and Accountability
In response to these concerns, Atiku outlined several key demands:
- Immediate publication of the full terms of the MoU
- A transparent technical due diligence report on both companies
- Full disclosure of Nigeria’s financial obligations under the agreement
- A legislative probe into previous refinery rehabilitation expenditures
He emphasized that national assets must not be subjected to secrecy or mismanagement, adding that Nigerians deserve full transparency in matters of such importance.
🔷 Final Warning
The former Vice President concluded with a strong warning that Nigerians will hold all responsible officials accountable for any decision that undermines the country’s energy security and economic future.