Atiku says failed refinery rehab backs his call for privatisation
A former Vice President, Atiku Abubakar, has stated that the Nigerian National Petroleum Company Limited’s admission of failure in the $1.5bn Port Harcourt Refinery rehabilitation supports his advocacy for privatisation. Atiku Abubakar reacted to comments from the state oil company, which admitted the refinery is not profitable despite the huge investment. The NNPCL Group CEO, Bayo Ojulari, acknowledged that the refineries were running at a “monumental loss” and that operations were halted to prevent further value erosion. Atiku Abubakar maintains that continued public spending on unproductive refineries is unjustifiable and calls for a shift in policy.
What we know
- Atiku Abubakar said NNPCL’s admission of the $1.5bn refinery failure validates his long-standing call for privatisation of Nigeria’s refineries.
- Bayo Ojulari, NNPCL Group CEO, described the refineries as operating at a “monumental loss” and confirmed that operations were stopped to avoid further waste.
- Atiku Abubakar criticised the ongoing payment of salaries to non-functional facilities, arguing it does not serve the national interest.
- He recalled being previously criticised for advocating privatisation, but believes recent events have proven his position correct.
- Atiku Abubakar argued that political pressure, rather than sound economic logic, has driven recent efforts to revive the refineries, and urged discontinuation of failed approaches.
