The African Democratic Congress (ADC) has cautioned the Federal Government against proceeding with the planned sale of Nigeria’s public refineries without first conducting a comprehensive and transparent audit of their operations, assets, and liabilities.
In a statement issued on Tuesday, July 16, 2025, the party expressed concern over what it described as an attempt to offload national assets without proper accountability, warning that such a move could worsen public distrust in the management of critical national resources.
According to the ADC, selling the country’s refineries — particularly the ones in Port Harcourt, Warri, and Kaduna — without first ascertaining their true financial and operational status would amount to a betrayal of public interest.
“The people of Nigeria deserve to know what happened to the billions of naira spent on turnaround maintenance over the years,” the party stated. “We demand a full forensic audit of all the refineries, including an account of capital expenditure, equipment status, and debt profile before any talk of privatization.”
The ADC further warned that failure to carry out due diligence could pave the way for asset stripping and corrupt acquisitions by politically connected individuals.
While the government had earlier hinted at possible privatization to revamp the ailing oil refining sector and attract private investment, the ADC insisted that such plans must be handled with utmost transparency, public consultation, and institutional oversight.
The party also called on the National Assembly, the Nigeria Extractive Industries Transparency Initiative (NEITI), and civil society organizations to step in and ensure that any process involving the sale of public refineries adheres strictly to the principles of accountability, equity, and national interest.
