By Barbara Nwaiwu
Former Vice-President Atiku Abubakar has called for the immediate suspension and public scrutiny of the “Technical Equity Partnership” announced by the Nigerian National Petroleum Company Limited (NNPC Ltd) involving two Chinese firms for the rehabilitation of the Port Harcourt and Warri refineries.
According to a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the arrangement involving Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd as “another dangerous gamble” with Nigeria’s economic future.
The former vice-president accused the administration of President Bola Tinubu of attempting to mortgage critical national assets through what he described as opaque arrangements lacking technical credibility, transparency and accountability.
“It is both shocking and insulting that after wasting over $2.5 billion on endless refinery rehabilitation scandals, the NNPC is once again asking Nigerians to trust another experiment built on secrecy and questionable competence,” the statement said.
Atiku said independent assessments of the two Chinese firms showed that neither company possessed the pedigree, technical depth or global reputation associated with the rehabilitation and management of complex crude oil refineries such as those in Port Harcourt and Warri.
He stated that although Sanjiang Chemical is a legitimate petrochemical company, it primarily specialises in surfactants, ethylene oxide, methanol-to-olefins and light hydrocarbon processing rather than crude oil refining.
“There is no publicly available evidence anywhere in the world showing that Sanjiang has ever built, operated, or managed a full-scale crude oil refinery of the magnitude and complexity of Port Harcourt or Warri refineries,” Atiku stated.
The statement also questioned the competence of Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, alleging that available corporate and industry records did not show verifiable experience in petroleum engineering, refinery operations or hydrocarbon processing.
Atiku further queried why the Federal Government and NNPC Ltd would bypass globally established refinery engineering and EPC firms in favour of entities whose backgrounds, according to him, raised “more questions than confidence” as NNPC Ltd recently announced a “Technical Equity Partnership” involving Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd for the rehabilitation of the Port Harcourt and Warri refineries.
He warned that the arrangement could turn Nigeria’s refineries into “another expensive black hole of failed promises, reckless experimentation and opaque transactions.”
The former vice president also cited what he described as troubling financial indicators surrounding Sanjiang Chemical, alleging that reports pointed to declining revenues, shrinking profitability and significant short-term debt exposure.
Atiku also demanded the immediate publication of the full terms of the Memorandum of Understanding (MoU), a transparent technical due diligence report on both firms, disclosure of Nigeria’s financial commitments and liabilities, open competitive engagement involving globally reputable refinery operators, and a legislative investigation into funds previously spent on refinery rehabilitation.
