By The daily torch media
Once again, the House of Representatives has resolved to investigate the over18 billion reportedly spent on rehabilitating Nigeria’s state-owned refineries.
To many observers of Nigeria’s oil sector, this is a long-familiar scandal that no longer shocks. Yet, it deserves renewed scrutiny—not because anyone will be held accountable or punished for the staggering and disgraceful mismanagement, but because it presents President Bola Ahmed Tinubu with a chance to take decisive action.
Revisiting this case may give the President the opportunity and political courage to finally shut down the cesspit of corruption that Nigeria’s state-owned refineries have become—institutions that have insulted our national conscience and undermined our integrity for far too long.
If the House is serious this time, its findings must be made public to rebuild public trust and ensure accountability in the oil sector.
The spotlight has recently returned to Nigeria’s oil industry. In March, the Senate held a hearing on the state of the refineries. Now, the House of Representatives has resolved to investigate the over18 billion reportedly spent on rehabilitating the four state-owned refineries between 2010 and 2024—expenditures that have yielded no tangible results.
According to Daily Trust, the House has established an ad-hoc committee composed of members from the Committees on Petroleum Resources (Upstream and Downstream), Public Accounts, Anti-Corruption, Finance, and Legislative Compliance. Their mandate is to investigate how funds were appropriated and disbursed for the so-called rehabilitation efforts.
To put it in perspective: 18 billion—when added to pre-2010 Turn-Around Maintenance (TAM) costs—surpasses the20 billion reportedly spent on building the ultra-modern Dangote Refinery. It’s also nearly half of Nigeria’s total foreign reserves, which stood at $41.31 billion.
Such vast sums could have built an entirely new power grid to ease the country’s chronic electricity crisis. But sadly, the colossal waste is not surprising to most Nigerians.
Even with the latest revelation of over 18 billion spent on comatose refineries, few Nigerians will bat an eyelid—corruption in the oil sector is all too familiar.
We’ve seen this movie before. Countless investigations have come and gone, yielding little more than headlines and hollow outrage. One of the most notable efforts was under President Goodluck Jonathan in 2012, when he appointed anti-corruption czar Nuhu Ribadu to lead a special task force into the oil industry’s rot.
Ribadu’s findings were explosive: a conservative estimate of35 billion lost to mismanagement and shady deals over a decade. The report implicated ministers, parastatals, and oil majors. It revealed a system where the NNPC sold oil to itself at giveaway prices, creating a 5 billion hole, failed to collect3 billion in royalties from companies like Shell and Sinopec, and “lost” hundreds of millions in signature bonuses.
Contracts were awarded without tenders, and the refineries were neither safe nor efficient. The task force recommended a change in ownership and business models to salvage them.
Yet, over a decade later, we’re still probing the same rot—only now with an added $18 billion in waste.
Until concrete action is taken—prosecutions, recoveries, and reform—these investigations will remain part of a tragic cycle of exposés without justice.
The Turn-Around Maintenance (TAM) scandal—now reportedly gulping over18 billion without functional results—isn’t just another case of waste. It’s a sharp indictment of Nigeria’s failure to punish economic sabotage, especially when the elite are involved.
No single official has been held accountable. The rot persists because the looters are shielded by influence, access, and systemic complicity.
Contrast this with Brazil’s 2015 Petrobras scandal: a $5 billion bribery ring led to sweeping prosecutions—presidents, governors, ministers, and CEOs were implicated. Billions were recovered. Brazil’s democracy shook but responded.
Nigeria, meanwhile, operates in reverse. The oil sector is the heartbeat of state power—opaque, unaccountable, and politically protected. NNPC (now NNPCL) is not merely a corporation; it’s the state’s economic lifeline and political vault.
The disturbing trend of presidents appointing themselves as petroleum ministers—Obasanjo, Buhari, and now Tinubu—raises a red flag. Why this ministry? Why the secrecy? The answer lies in control—of revenue, contracts, and influence.
Unravelling the petroleum sector means confronting the very DNA of Nigeria’s power structure. Until then, billions will keep vanishing, and probes will end where they always do: nowhere.
Despite over 25 billion sunk into Nigeria’s state-owned refineries in 30 years, they remain comatose. President Yar’Adua’s reversal of their 2007 privatisation was a major setback. Today, the Turn-Around Maintenance (TAM) charade continues as a conduit for massive corruption.
With the House of Reps probing18 billion reportedly spent on refinery rehab between 2010 and 2024, the rot is once again exposed—but accountability remains elusive.
President Tinubu now stands at a defining crossroads. Like the scrapped fuel subsidy, refinery TAM is unsustainable and must end. The refineries should be privatised — a view backed by industry experts and even NNPCL’s GCEO, Bayo Ojulari.
Ironically, the President’s National Security Adviser, Nuhu Ribadu, once led a bold probe that exposed the rot in the oil sector. He is in the best position to remind the President of what must be done.
The solution is clear: sell the refineries, stop the bleeding, and let private investment drive Nigeria’s refining capacity — not political patronage.
