According to report by Nigerian Tribune on Friday, May 8, 2026, Former Vice President Atiku Abubakar has called for the suspension and full public scrutiny of a Technical Equity Partnership recently announced by the Nigerian National Petroleum Company Limited (NNPC Ltd), describing the arrangement as lacking transparency and accountability.
According to a report published by Nigerian Tribune on Friday, May 8, 2026, the disputed agreement involves two Chinese firms—Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd. Atiku raised concerns that the companies are not widely recognised in the global oil and gas industry.
In a statement released through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku warned that Nigeria’s strategic national assets should not be handled through unclear or questionable partnerships. He stressed that such deals could have serious long-term consequences for the country’s energy security and economic stability.
He further questioned the technical competence of the firms involved, explaining that Sanjiang Chemical Company Limited appears to operate mainly in petrochemical production, focusing on products like surfactants, methanol-to-olefins, and other light chemical processes. According to him, these activities do not match the highly complex requirements needed for the rehabilitation of large-scale refineries such as those in Port Harcourt and Warri.
Atiku also queried why internationally recognised engineering and refinery rehabilitation companies were not considered for the project, suggesting that the decision reflects a recurring pattern of non-transparent arrangements in critical sectors of the economy.
He warned that failure to apply proper due diligence could result in wasted resources, project failure, and further delays in restoring Nigeria’s refineries to full capacity.
The former Vice President demanded the immediate release of the full Memorandum of Understanding between NNPC Ltd and the Chinese firms, along with detailed technical and financial evaluation reports used in selecting them. He also called for open competitive bidding involving globally reputable refinery operators.
Atiku stated, “The era where NNPC signs opaque agreements abroad and expects Nigerians to clap blindly is over. National assets are not toys for bureaucratic experimentation.”
He concluded that only transparency, accountability, and strict technical standards can restore public trust in the management of Nigeria’s critical oil infrastructure…See More
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