Falana criticizes Obasanjo’s refinery sales for breaching due process, praises Yar’Adua for canceling the deals, and urges unions to resist improper privatization efforts. Human rights lawyer Femi Falana has revealed that former President Umaru Musa Yar’Adua nullified the sale of the Port Harcourt and Kaduna refineries due to irregularities in the privatization process initiated by his predecessor, Olusegun Obasanjo. Falana’s statement came after Obasanjo disclosed that in 2007, Aliko Dangote’s consortium had offered $750 million to manage the two refineries. However, Yar’Adua rejected the deal, citing non-compliance with proper procedures and national interest. Obasanjo’s Refinery Privatization Moves During his tenure, Obasanjo sold a 51% stake in the Port Harcourt refinery to Bluestar Oil for $561 million. Bluestar Oil was a consortium that included Dangote Oil, Zenon Oil, and Transcorp. Similarly, 51% of the Kaduna Refinery was sold for $160 million. Falana emphasized that these sales were conducted without adhering to the Privatisation and Commercialisation Act, which designates the Vice President as the chairman of the National Council on Privatisation (NCP). Obasanjo allegedly bypassed then-Vice President Atiku Abubakar to oversee the privatization process. Resistance from Unions and Yar’Adua’s Intervention The deals sparked backlash from major oil industry unions, NUPENG and PENGASSAN, which accused the administration of conflict of interest and undervaluation of assets. The unions noted that the shares sold for $516 million were valued at $5 billion. In June 2007, both unions launched a four-day strike that nearly shut down the Nigerian economy. The strike ended after assurances that the privatization would be investigated. Upon completing the investigation, President Yar’Adua canceled the refinery sales, which were deemed contrary to the law and national interest. Falana’s Call to Action Falana praised the unions for their role in safeguarding national assets and urged them to continue opposing privatization attempts that do not align with Nigeria’s interest. He further recommended that individuals interested in refining should establish their facilities, citing Dangote Group as an example. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
President Bola Tinubu has instructed the Nigerian National Petroleum Company (NNPC) Limited to expedite the restoration of the Warri and Kaduna refineries, alongside the second Port Harcourt refinery. Progress on Refinery Rehabilitation This directive follows the successful rehabilitation of the first Port Harcourt refinery, which resumed petroleum product loading operations on November 26, 2024. The presidency described this milestone as a significant step toward enhancing Nigeria’s domestic refining capacity. “With the successful revival of the Port Harcourt refinery, President Bola Tinubu urges NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries,” the statement read. Boosting Energy Security and Economic Growth The presidency emphasized that revitalizing these refineries will bolster Nigeria’s refining capacity, reduce reliance on imports, and complement the operations of private-sector refineries. Additionally, the administration highlighted its commitment to transforming Nigeria into a key energy hub. The statement also noted the “unprecedented attention” given to the gas sector, a critical component of Tinubu’s Renewed Hope Agenda focused on economic growth and energy security. Acknowledgments and Future Goals President Tinubu acknowledged former President Muhammadu Buhari’s role in initiating the comprehensive rehabilitation of the refineries and expressed gratitude to the African Export-Import Bank for financing the projects. He also commended Mele Kyari, NNPC’s Group Chief Executive Officer, for his leadership, citing patience, integrity, and accountability as essential in rebuilding the country’s infrastructure. “Our Renewed Hope Agenda is centered on achieving energy sufficiency, enhancing energy security, and increasing Nigeria’s export capacity,” the statement concluded. READ ALSO:
Kindly Share:
In a significant development for Nigeria’s energy sector, the Port Harcourt Refining Company (PHRC) Ltd, located in Rivers State, has officially begun processing crude oil. The announcement was made on Tuesday by Olufemi Soneye, spokesperson for the Nigerian National Petroleum Company Limited (NNPCL). A New Chapter for Nigeria’s Energy Independence Soneye described the refinery’s start-up as a “monumental achievement” for the nation, marking a pivotal step toward energy independence and economic progress. “Today marks a historic moment as the Port Harcourt Refinery begins crude oil processing. This milestone ushers in a new era of energy self-reliance and economic prosperity for Nigeria,” the statement read. The announcement also acknowledged President Bola Ahmed Tinubu, the NNPC Board, and GCEO Mele Kyari for their dedication to seeing the project through. Key Milestones and Future Plans Truck loading operations also commenced on the same day, signaling the refinery’s readiness to contribute to Nigeria’s energy supply chain. Meanwhile, efforts are underway to restore operations at the Warri Refinery as part of NNPCL’s broader strategy to enhance domestic refining capacity. This development follows several missed deadlines, making this achievement a major step forward in addressing Nigeria’s long-standing challenges in refining crude oil locally. Looking Ahead The resumption of operations at the Port Harcourt Refinery is expected to reduce Nigeria’s dependency on imported refined petroleum products, stimulate economic growth, and create job opportunities. Stay updated as the NNPCL moves closer to completing the test run phase, with full operational capacity expected by January. Keywords: Port Harcourt Refinery, crude oil processing, NNPCL, Nigeria energy independence, Warri Refinery, local refining capacity, Mele Kyari, economic growth, Bola Ahmed Tinubu, Nigerian oil sector. READ ALSO:
