Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has cautioned the Federal Government against rushing into an unbalanced sale of national assets, particularly Nigeria’s refineries.
In an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday, PETROAN’s National President, Dr. Billy Gillis-Harry, emphasized the need for careful deliberation and stakeholder involvement before any privatization decisions are made.
His comments come amid growing pressure on the Nigerian National Petroleum Company Limited (NNPC Ltd.) to sell the nation’s refineries.
Gillis-Harry stressed the importance of conducting a thorough analysis with key stakeholders to avoid repeating past mistakes.
NAN reports that Mr. Bayo Ojulari, Group CEO of NNPC Ltd., recently revealed that a strategic review of the refineries’ operations is underway and expected to conclude by the end of 2025.
The decision to sell will hinge on the review’s findings, as NNPC Ltd. faces challenges in rehabilitating the facilities due to outdated infrastructure and underperforming technology.
Despite significant investments to revive the state-owned Port Harcourt, Warri, and Kaduna refineries, the Port Harcourt refinery, which resumed operations in November 2023, was shut down again in May for maintenance.
Gillis-Harry expressed frustration over a recurring pattern where national assets, deemed non-functional, become highly profitable after privatization.
He cited the example of Eleme Petrochemicals, sold to an Indian company, Indorama, in a deal he described as poorly thought-out. “Indorama turned it into a goldmine, generating billions globally, yet the benefits to ordinary Nigerians remain unclear,” he said.
He questioned whether the Port Harcourt, Warri, and Kaduna refineries would face a similar fate, urging leaders to reflect on Nigeria’s capacity to manage its assets effectively. Gillis-Harry also referenced the National Fertiliser Company of Nigeria (NAFCON), another national asset that was allowed to deteriorate before being sold to a private firm, which then transformed it into a highly profitable venture.
“This pattern of privatizing government enterprises without proper scrutiny must stop,” he said. “We need to reassess our goals to foster economic growth, administrative excellence, and technological innovation, which Nigerians are fully capable of delivering.”
PETROAN previously advocated for privatization but insisted that the process must involve passionate and relevant stakeholders to safeguard Nigeria’s shared heritage.
“If privatization is the path, let Nigerians with a genuine stake drive it,” Gillis-Harry concluded.
NAN
Source: NationalAccordNewspaper | Read More
0 Comments