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NSChE Proposes 22-month Timeline For PH, Warri, Kaduna Refineries' Privatisation

BY CHIKA OKEKE, Abuja

The Nigerian Society of Chemical Engineers (NSChE) has proposed a 22-month timeline for completing the privatisation of Nigeria’s unproductive refineries, including asset assessment, investor prequalification, due diligence, competitive bidding, regulatory approvals and transfer of ownership and operational control.

This followed repeated attempts to rehabilitate the Port Harcourt, Warri and Kaduna refineries over more than two decades, which failed to deliver reliable and commercially competitive production.

National President of NSChE, Engr. Bayo Olarewaju-Alo stated this in Abuja, while addressing newsmen on: "Nigeria’s Moribund Refineries Need New Governance."

He disclosed that further public spending on the rehabilitation should give way to a transparent ownership structure that transfers operational control to credible private investors, with enforceable obligations and financially sound operational control.

Olarewaju-Alo enjoined the Federal Government to adopt a transparent, competitive and time-bound privatisation process for the moribund state-owned refineries.

He said: “Government may retain a minority, non-controlling interest to protect strategic public interests, while avoiding responsibility for financing shortfalls or day-to-day operations.

“The purpose is not simply to sell assets, but to create a governance and investment model that can deliver reliable production, commercial discipline, national value and public accountability.

“Nigeria has spent substantial public resources over more than two decades trying to restore the Port Harcourt, Warri and Kaduna refineries. Despite repeated rehabilitation efforts, the refineries have not achieved reliable, sustained or competitive production.”

Olarewaju-Alo requested binding investment and production milestones, environmental safeguards, workforce protection, transparent allocation of legacy liabilities and penalties for non-performance.

In 2025, the Economic and Financial Crimes Commission (EFCC) commenced massive probe into the $1.56 billion allocated for the Port Harcourt Refining Company, $740.6 million for the Kaduna Refining and Petrochemical Company, and $656.9 million for the Warri Refining and Petrochemical Company.

The over $2.896 billion were allegedly spent for the Turnaround Maintenance (TAM) of the refineries, which remained non-operational till date, following extended shutdowns.

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