Except it turns out to be another political jamboree or playing to the gallery, federal lawmakers in the House of Representatives have launched an investigation into what’s being called one of the biggest financial black holes in recent memory: a staggering $18 billion (N29 trillion) allegedly blown on “rehabilitating” the country’s three comatose refineries — Port Harcourt, Warri, and Kaduna.
The decision, triggered by a motion from Rep. Sesi Oluwaseun Whingan, slammed the decades-long debacle as a “monumental waste of public funds” and a “betrayal of public trust.”
Despite over 20 years of government promises, repeated injections of taxpayer cash, and endless talk of “turnaround maintenance,” not a single drop of refined fuel is coming out of these facilities.
Aliko Dangote and other private players actually bought the refineries in 2007 under former President Olusegun Obasanjo’s watch? That glimmer of hope was quickly squashed when the late President Yar’Adua reversed the sale — choosing, instead, to let the government keep “fixing” them. Fast forward to today, and all there is to show for it is burnt cash and broken promises.
Even Obasanjo and Dangote have since come out calling the refineries a hopeless mess. Meanwhile, NNPC boss Engr. Bayo Ojulari recently hinted they might just give up and sell them off. Again.
Now, the House wants answers. And receipts.
They’ve unleashed a retinue of committees — Gas Resources, Public Assets, Petroleum Upstream, Midstream, and Downstream — to track every kobo spent between 2010 and 2024, and to name and shame those responsible for this financial fiasco.
They have a deadline of four weeks.
Will this be just another political show, or are heads finally going to roll? Either way, Nigerians are watching — and this time, they want more than press statements and political drama.
