Former Vice President Atiku Abubakar has said that the Nigerian National Petroleum Company Limited’s (NNPCL) admission that the $1.5bn rehabilitation of the Port Harcourt Refinery was a waste of scarce resources confirms his long‑standing call for the privatisation of Nigeria’s state‑owned refineries.
Atiku made the remarks in a statement he shared on his X account on Sunday in reaction to comments attributed to the leadership of NNPCL that the Port Harcourt facility remains unprofitable despite about $1.5bn spent on its rehabilitation.
NNPCL Group Chief Executive Officer Bayo Ojulari told reporters that state‑owned refineries were operating at a “monumental loss,” prompting a halt to operations to prevent further value erosion.
Refineries owned by Nigeria’s national oil company have long undergone turnaround and rehabilitation efforts with varying outcomes.
Atiku said in his statement: “After gulping $1.5bn, the Nigerian National Petroleum Company Limited has now admitted that reopening the Port Harcourt Refinery is a waste of scarce resources. This belated admission validates my long‑held position that Nigeria’s refineries should be privatised.”
He described NNPCL’s admission as a belated confirmation of the economic arguments he has advanced regarding state‑owned refineries.
Atiku said paying large sums in salaries to facilities that do not produce fuel does not serve the national interest. He recalled his previous calls for privatisation that were met with criticism, saying they were aimed at addressing long‑standing inefficiencies.
Atiku said decades of so‑called turnaround maintenance had consumed billions of dollars without sustainable output, exposing weaknesses in technical capacity and financial discipline.
Atiku also said any proposed refinery deal, including those involving foreign partners, reflects approaches that have not worked in the past.
Atiku’s comments follow public statements by NNPCL leadership that refineries were operating at losses despite significant investment, reflecting ongoing debate over the viability of state‑owned refinery operations.
The former vice president’s position reiterates a perspective on structural reform of Nigeria’s downstream petroleum sector that has been discussed by stakeholders.
