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Atiku cites NNPCL admission to fault Port Harcourt refinery rehab
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$1.5bn spent, refinery still unprofitable, NNPCL confirms
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Former VP urges sale of state-owned refineries
Former Vice President, Atiku Abubakar, has said the Nigerian National Petroleum Company Limited’s admission that the $1.5bn rehabilitation of the Port Harcourt Refinery failed to deliver value vindicates his long-standing call for the privatisation of Nigeria’s refineries.
Atiku made the assertion on Sunday in a statement shared via his X handle, reacting to comments credited to the leadership of the NNPCL that the refinery remains unprofitable despite the huge investment.
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The NNPCL Group Chief Executive Officer, Bayo Ojulari, had disclosed that operations at the state-owned refineries were halted after they were found to be running at what he described as a monumental loss to the country.
Ojulari said large sums were being spent on operations and contractors without commensurate returns, noting that continued operations would only erode value.
According to him, public expectations were high following the rehabilitation exercise, but the economic reality revealed sustained losses.
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Reacting, Atiku said the admission confirms that continued public funding of moribund refineries is economically unjustifiable.
He described the $1.5bn rehabilitation of the Port Harcourt Refinery as a waste of scarce national resources, insisting that privatisation remains the most viable option.
The former vice president said successive turnaround maintenance projects had consumed billions of dollars over the years without delivering sustainable output, exposing deep-rooted inefficiencies in management, technical capacity and financial discipline.
Atiku argued that paying billions of naira annually in salaries to facilities that produce no petrol does not serve the national interest.
He recalled that his consistent advocacy for privatisation was previously met with criticism and allegations that he intended to sell public assets to associates.
According to him, recent developments have now validated his position, stressing that political considerations should not override sound economic judgment.
He further criticised what he described as politically driven refinery revival efforts, warning that arrangements involving foreign partners merely replicate past failures.
Atiku added that Nigeria would have been better served by selling the refineries before embarking on costly rehabilitation projects that have increased public debt and turned the assets into liabilities.