Former Vice President Atiku Abubakar has called for the immediate suspension and thorough public scrutiny of a recent “Technical Equity Partnership” agreement signed by the Nigerian National Petroleum Company Limited (NNPC) with two Chinese companies for the rehabilitation and operation of the Port Harcourt and Warri refineries.
In a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the deal involving Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd. as “another dangerous gamble” with Nigeria’s economic future.
He accused the Tinubu administration of attempting to mortgage key national assets through opaque arrangements that lack transparency, accountability, and technical credibility.
Atiku highlighted that over $2.5 billion has already been spent on previous refinery rehabilitation efforts with little to show for it.
He questioned the competence of the selected Chinese firms, noting that independent assessments show neither has the proven expertise, track record, or global reputation needed for managing large-scale crude oil refineries like Port Harcourt and Warri.
“Sanjiang Chemical specialises primarily in surfactants, ethylene oxide, methanol-to-olefins, and light hydrocarbon processing, not full-scale crude oil refining,” the statement said.
“There is no publicly available evidence that it has ever built, operated, or managed refineries of this magnitude.”
He similarly criticised Xingcheng as an industrial park and infrastructure management company, likening the arrangement to “handing over a hospital’s intensive care unit to a real estate developer.”
Atiku also raised concerns about Sanjiang’s financial health, citing reports of declining revenues, shrinking profitability, and significant debt. He asked how such a company could realistically revive two of Africa’s most troubled refineries.
The former VP warned that the deal risks becoming another cycle of wasted funds, failed promises, and corruption. He urged Nigerians to reject “opaque agreements” signed abroad without proper oversight, stressing that the Port Harcourt and Warri refineries are too strategically important to entrust to unproven partners.
The NNPC signed the Memorandum of Understanding with the Chinese firms earlier this week to complete rehabilitation work, restart operations, and potentially expand the facilities.
This latest intervention by Atiku adds to growing calls for accountability and transparency in the management of Nigeria’s refinery revival efforts.
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