NNPCL Criticized Over $3.5bn Refinery Spending

The Nigerian National Petroleum Company Limited (NNPCL) is under scrutiny for allegedly spending $3.5 billion on turnaround maintenance for the Port Harcourt, Warri, and Kaduna refineries. Energy expert Tekem Umukoro has called for a detailed account of the funds reportedly spent, emphasizing the need for transparency regarding the utilization of previous allocations.

This demand follows NNPCL's recent announcement of signing a memorandum of understanding with a Chinese firm aimed at restarting the state-owned refineries. Umukoro criticized the decision to enter into a rehabilitation agreement without first explaining how prior funds were utilized, describing it as a recurring pattern of waste and lack of accountability in Nigeria's oil sector.

He highlighted the ongoing public concern regarding the country's dependence on imported petroleum products despite years of rehabilitation efforts, stating that Nigerians can no longer tolerate the cycle of waste and unfulfilled promises regarding refinery management.