Former Vice President Atiku Abubakar has called for the immediate suspension and thorough public review of the newly announced partnership between the Nigerian National Petroleum Company Limited and two Chinese companies over the rehabilitation of Nigeria’s refineries.
The agreement, described as a “Technical Equity Partnership,” involves Chinese firms Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd. However, Atiku raised concerns about the credibility, transparency, and technical qualifications of the companies involved.
In a statement released through his media aide, Phrank Shaibu, the former Vice President described the deal as risky and dangerous to Nigeria’s economic future. He accused the administration of President Bola Tinubu of attempting to hand over key national assets through arrangements that allegedly lack proper accountability and public scrutiny.
Atiku argued that Nigerians should not be expected to trust another refinery rehabilitation project after billions of dollars have already been spent on previous failed maintenance programmes. According to him, over $2.5 billion has reportedly been wasted on refinery rehabilitation efforts without meaningful results.
He questioned the technical experience of the Chinese companies involved in the partnership. According to Atiku, independent findings showed that Sanjiang Chemical mainly operates in petrochemical processing such as methanol, surfactants, and light hydrocarbon production, rather than managing large crude oil refineries.
He stressed that there is no publicly available evidence showing that the company has successfully built or operated a refinery comparable to the Port Harcourt or Warri refineries.
Atiku further criticised the second company, Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd., claiming that available records do not show any strong background in refinery engineering or petroleum operations.
He compared the arrangement to handing over a hospital’s intensive care unit to a property developer simply because they can construct buildings. According to him, infrastructure management is completely different from running ageing oil refineries that require specialised expertise.
The former Vice President also questioned why the Federal Government and the NNPC allegedly ignored globally recognised refinery engineering firms in favour of companies with what he described as uncertain technical records.
He warned that Nigeria risks repeating past mistakes if the deal is allowed to continue without detailed public examination. According to him, the country’s refineries could become another expensive project filled with failed promises and wasteful spending.
Atiku also raised concerns about the financial condition of Sanjiang Chemical, alleging that reports indicate declining profits and increasing debt challenges. He questioned how a company facing financial pressure could successfully manage the revival of two troubled Nigerian refineries.
The former Vice President insisted that national assets such as the Port Harcourt and Warri refineries are too important to be handled through secretive agreements or experimental partnerships.
He urged Nigerians to demand openness and accountability, saying the era of blindly accepting unclear international agreements should come to an end.
