Atiku: Port Harcourt Refinery Waste Spurs Privatization Push

Former Vice President Atiku Abubakar has sharply criticised the leadership of the Nigerian National Petroleum Company Limited (NNPCL), following remarks by its Group Chief Executive Officer, Bayo Ojulari, who stated that reopening the Port Harcourt Refinery would be a waste of resources.

Atiku’s reaction, contained in a statement released on Sunday, directly challenges the NNPCL’s stance and revives his long-standing advocacy for the privatisation of Nigeria’s national refineries. This follows Ojulari’s speech at the Nigeria International Energy Summit in Abuja, where he asserted that approximately $1.5 billion invested in the turnaround maintenance of the Port Harcourt, Warri, and Kaduna refineries had been wasted.

The former vice president described the NNPCL’s admission as a validation of his position. “After gulping about $1.5 billion, the NNPCL has now admitted that reopening the Port Harcourt Refinery is a waste of scarce resources,” the statement read. “This belated admission validates my long-held position that Nigeria’s refineries should be privatised.” He contended that continuous public funding for facilities that produce no petrol is economically indefensible, noting billions in naira spent on salaries and maintenance without tangible output.

Atiku framed the issue as one of economic prudence over political expediency. He argued that decades of turnaround maintenance have consumed vast sums without results, exposing systemic weaknesses in technical capacity and financial discipline. “The latest push to ‘revive’ these refineries was driven by political pressure, not economic sense,” he stated, adding that politics must not substitute for sound policy.

He further advised against new partnership models with foreign firms, warning they risk repeating historical failures. Instead, Atiku suggested that selling the refineries prior to costly rehabilitation would have prevented ballooning debt and asset depreciation. “Nigeria would have been better served by selling the refineries pre-rehabilitation,” he added.

The exchange highlights a deepening debate over the future of Nigeria’s downstream sector. With the country relying heavily on imported petroleum products, the operational status of its state-owned refineries remains a critical economic and political issue. Atiku’s comments cast the NNPCL’s assessment as a reluctant acknowledgment of a failed model, potentially strengthening arguments for a structural shift away from public ownership. The situation underscores persistent challenges in reforming Nigeria’s oil and gas infrastructure amid fiscal constraints and calls for greater efficiency.