ADC demands audit of refineries, alleges profligacy of $20.8 billion

The African Democratic Congress (ADC) has called for a full-scale audit of Nigeria’s state-owned refineries before any thought of their sale, referencing .what it described as the reckless mismanagement of over $20.8 billion in public funds spent on their rehabilitation without results.

In a statement signed by the party’s Interim National Publicity Secretary, Bolaji Abdullahi, the ADC voiced concern over recent announcements by the federal government and the Nigerian National Petroleum Company Limited (NNPCL) indicating that plans to fully privatise the nation’s refineries.

The party said the proposed sale was premature, suspicious and potentially criminal, coming shortly after the government claimed that some of the refineries had resumed partial operations.

“It is deeply troubling that after spending over $18 billion across successive All Progressives Congress (APC) administrations, and an additional $2.8 billion under the present government, there is still no tangible improvement in refining capacity. Now, the same government wants to quietly sell off these assets. Nigerians deserve to know: what exactly is being sold – scrap or sovereign assets?” the statement read.

The ADC questioned the sincerity and transparency of the Bola Tinubu administration, warning that the approach could lead to the undervaluation and sale of national assets to “cronies or even to themselves under the guise of reforms.”

The party further accused past and present administrations of using ‘Turnaround Maintenance (TAM)’ as a cover for corruption and personal enrichment, describing the refineries as “a black hole for public funds.”