Former Vice President Atiku Abubakar on Friday called for an immediate suspension and public review of the Technical Equity Partnership (TEP) recently announced by the Nigerian National Petroleum Company Limited (NNPC) with two Chinese firms, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.
In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the agreement as “another dangerous gamble” for Nigeria’s economy. He accused President Bola Tinubu’s administration of attempting to mortgage strategic national assets through a non‑transparent arrangement that, in his view, lacks technical credibility and accountability.
The former vice president recalled previous refinery rehabilitation projects that, in his assessment, have cost over $2.5 billion without delivering reliable results. “It is shocking and insulting that, after those costly setbacks, the NNPC is again asking Nigerians to trust an experiment built on secrecy and questionable competence,” Atiku said.
Independent assessments cited in the statement indicate that neither Sanjiang Chemical nor Xingcheng possess the experience required for the rehabilitation and management of large‑scale crude‑oil refineries such as those at Port Harcourt and Warri. Sanjiang Chemical, while a legitimate petrochemical company, primarily produces surfactants, ethylene oxide, methanol‑to‑olefins and other light‑hydrocarbon derivatives. No public record shows that it has built, operated, or managed a full‑scale crude‑oil refinery comparable to the two Nigerian facilities.
Similarly, corporate and industry records for Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd. do not demonstrate verifiable expertise in petroleum engineering, refinery operations, or hydrocarbon processing. Atiku likened the proposed role of the firm to “handing over a hospital’s intensive‑care unit to a real‑estate developer because they can construct buildings.”
The former vice president questioned why the NNPC bypassed globally established refinery engineering and EPC firms in favour of entities whose backgrounds, he argued, raise “more questions than confidence.” He warned that the partnership could turn Nigeria’s refineries into “another expensive black hole of failed promises, reckless experimentation, and opaque transactions.”
Atiku also highlighted financial concerns surrounding Sanjiang Chemical, noting reports of declining revenues, shrinking profitability and rising short‑term debt. “If a company is already battling financial compression, how can it shoulder the burden of reviving two of Africa’s most troubled refineries?” he asked.
The statement concluded by urging Nigerians and policymakers to scrutinise the TEP before any further commitments are made. Atiku emphasized that the Port Harcourt and Warri refineries are strategic assets that should not be exposed to uncertain, non‑transparent arrangements. He called for transparent, technically sound solutions to ensure the sustainable operation of Nigeria’s oil‑refining sector.
