Former Vice President Atiku Abubakar has asked the Federal Government to suspend the newly announced partnership between the Nigerian National Petroleum Company Limited (NNPCL) and two Chinese firms over the rehabilitation of the Port Harcourt and Warri refineries.
Atiku, in a statement issued through his media aide, Phrank Shaibu, described the agreement as another risky move involving national assets that have already consumed billions of dollars without clear results.
The former presidential candidate questioned why NNPCL entered into what it called a “Technical Equity Partnership” with Sanjiang Chemical Company Limited and Xingcheng Industrial Park Operation and Management Company, insisting that neither firm has a known track record in managing large crude oil refineries.
According to him, Nigerians cannot continue to watch the government commit strategic energy assets to companies whose experience, he said, does not match the technical demands of reviving ageing refineries like Port Harcourt and Warri.
He argued that Sanjiang Chemical is largely known for petrochemical and chemical processing operations, not for handling complex refinery rehabilitation projects. He also raised concerns about Xingcheng, claiming available industry records do not show evidence of experience in refinery engineering or hydrocarbon processing.
Atiku said the arrangement raises serious questions, especially after more than $2.5 billion had already been spent on refinery rehabilitation over the years with little to show for it. He warned that the country could be heading into another cycle of expensive agreements without accountability or measurable outcomes.
The former Vice President also accused the Tinubu administration of failing to provide transparency around the deal, arguing that the government should have considered globally recognised refinery engineering firms with established records in refinery construction and operations.
He further alleged that financial reports linked to one of the Chinese firms pointed to declining revenues and rising debt pressures, questioning how such a company intends to handle projects as critical as the rehabilitation of Nigeria’s state-owned refineries.
Atiku maintained that Nigerians deserve full disclosure on the terms of the agreement, stressing that the Port Harcourt and Warri refineries remain too important to be handed over through what he described as unclear and poorly scrutinised arrangements.