- Atiku further criticised the Federal Government and NNPC for allegedly overlooking globally recognised engineering and refinery management firms
- He warned that the deal could turn Nigeria’s refineries into another “black hole of failed promises and costly experiments.”
- He questioned how a company battling financial pressure could successfully handle the rehabilitation of two major Nigerian refineries
Former Vice President Atiku Abubakar has called for the suspension and full public review of the “Technical Equity Partnership” recently unveiled by the Nigerian National Petroleum Company Limited with two Chinese firms, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.
In a statement released on Friday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Eko Hot Blog reports that Atiku described the agreement as a risky move that could further endanger Nigeria’s economic interests.
EDITOR’S PICK
- Benue Mortician Arrested for Using Corpse Part as Walking Stick
- Baba Yusuf: Bandits May Reach National Assembly
- PDP Asks INEC To Withdraw Recognition Of Anyanwu As National Secretary
The African Democratic Congress chieftain accused the administration of President Bola Tinubu of attempting to hand over strategic national assets through arrangements he claimed lacked transparency, accountability and technical credibility.
According to him, Nigerians should not be expected to trust another refinery rehabilitation initiative after billions of dollars had already been spent on failed turnaround maintenance projects.
“It is both shocking and insulting that after wasting over $2.5 billion on endless refinery rehabilitation scandals, the NNPC is once again asking Nigerians to trust another experiment built on secrecy and questionable competence,” the statement said.
Atiku argued that independent assessments of the two Chinese companies showed that neither possesses the expertise or global reputation required to manage or rehabilitate complex crude oil refineries such as those in Port Harcourt and Warri.
He stated that although Sanjiang Chemical is recognised within the petrochemical industry, its operations are largely focused on products such as methanol-to-olefins, surfactants and light hydrocarbon processing rather than large-scale crude oil refining.
“There is no publicly available evidence showing that Sanjiang has ever built, operated or managed a refinery of the scale and complexity of the Port Harcourt or Warri refineries,” he said.
The former vice president also questioned the competence of Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd., claiming available records indicate the company is mainly involved in industrial park and infrastructure management.
He compared the arrangement to “handing over a hospital’s intensive care unit to a real estate developer simply because they can construct buildings.”
Atiku further criticised the Federal Government and NNPC for allegedly overlooking globally recognised engineering and refinery management firms in favour of companies whose technical background, he said, raises serious concerns.
He warned that the deal could turn Nigeria’s refineries into another “black hole of failed promises and costly experiments.”
According to him, the country cannot afford another round of opaque refinery transactions after years of unsuccessful rehabilitation efforts and repeated assurances about restoring local refining capacity.
The former vice president also raised concerns over what he described as weak financial indicators linked to Sanjiang Chemical, alleging that reports suggest the company is facing declining profits and liquidity challenges.
He questioned how a company battling financial pressure could successfully handle the rehabilitation of two major Nigerian refineries.
Atiku maintained that the arrangement appeared rushed and poorly scrutinised, insisting that Nigerians must demand accountability over agreements involving critical national infrastructure.
“The era where NNPC signs opaque agreements abroad and expects Nigerians to applaud blindly is over,” he stated.
He added that the Port Harcourt and Warri refineries are too important to Nigeria’s economy to be subjected to uncertainty or experimental partnerships.
FURTHER READING
