Former Vice President Atiku Abubakar has called for the immediate suspension and public scrutiny of the Nigerian National Petroleum Company Limited NNPC agreement involving two Chinese firms linked to the rehabilitation of the Port Harcourt and Warri refineries.
In a statement released through his Senior Special Assistant on Public Communication Phrank Shaibu Atiku described the proposed Technical Equity Partnership as a risky and opaque arrangement that could endanger Nigeria’s economic future.
The former presidential candidate accused the administration of President Bola Tinubu of attempting to mortgage strategic national assets through agreements allegedly lacking transparency accountability and technical credibility.
Atiku questioned the competence of the two Chinese companies involved namely Sanjiang Chemical Company Limited and Xingcheng Fuzhou Industrial Park Operation and Management Company Limited.
According to him available industry assessments suggest that neither company possesses the technical expertise or global reputation required to rehabilitate and manage complex crude oil refineries such as those in Port Harcourt and Warri.
He argued that while Sanjiang Chemical operates in petrochemicals and light hydrocarbon processing there is no public evidence showing the company has experience building or operating full scale crude oil refineries.
Atiku also criticised Xingcheng Fuzhou Industrial Park Operation and Management Company Limited claiming corporate records do not indicate expertise in refinery operations petroleum engineering or hydrocarbon processing.
The former Vice President further questioned why the Federal Government and NNPC allegedly bypassed globally recognised refinery engineering and EPC firms in favour of companies whose backgrounds he said raised concerns.
He warned that the arrangement could turn Nigeria’s refineries into another costly failed project after billions of dollars had already been spent on previous turnaround maintenance programmes without lasting success.
Atiku also cited concerns about Sanjiang Chemical’s financial position alleging that reports indicated declining revenues shrinking profitability and rising short term debt exposure.
He maintained that Nigerians should not accept opaque refinery agreements without proper public scrutiny stressing that strategic national assets must be managed transparently and responsibly.
Leave a comment