Business News of Friday, 8 May 2026

Source: www.dailypost.ng

‘NNPCL must account for $3.5bn wasted refinery funds before restart jamboree’ – Umokoro

NNPC NNPC

An energy expert and accountability advocate, Tekeme Umukoro has demanded accountability from Nigerian National Petroleum Company Limited over funds spent on the turnaround maintenance of Port Harcourt, Warri, and Kaduna refineries.

He made this known in a statement on Thursday.

This comes as NNPCL recently announced a memorandum of understanding with Chinese firms to restart Nigerian government-owned refineries.

Reacting, Umukoro said NNPCL should first give an account for the alleged $3.5 billion spent on Nigerian refineries before beginning another ‘jamboree’ in the name of an MoU with Chinese firms.

He criticized NNPCL for the recurring cycle of waste, opacity, and unfulfilled promises in Nigeria’s refinery sector.

Umukoro said the latest agreement raised serious accountability concerns, especially in light of previous billions committed to refinery rehabilitation with no visible results.

“We have gathered here today because Nigeria can no longer continue to tolerate a dangerous cycle of waste, opacity, and endless promises in the management of the nation’s refineries,” he said.

“Nigerians have repeatedly been told that the Port Harcourt, Warri, and Kaduna refineries were being revived, only for those promises to collapse under the weight of poor execution, secrecy, and lack of accountability,” he added.