Petroleum Marketers Seek Investigation Into N11.36trn Spent On Refineries

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the federal government to investigate the over N11.36 trillion spent on  the turnaround maintenance (TAM) of the four government-owned refineries in the country.

The refineries include the Port Harcourt Refineries 1 and 2, the Warri Refinery and the Kaduna Refinery.

PETROAN, in a statement issued in Port Harcourt yesterday by its President, Dr Billy Gillis-Harry, and Public Relations Officer, Dr Joseph Obele, stated that  the Port Harcourt Refinery got $1.5 billion, while Warri and Kaduna Refineries received  $1.48 billion.

The statement reads in part. “Over the past decade, massive public funds, reportedly around N11.35 trillion (equivalent to billions of dollars), have been expended on turnaround maintenance and rehabilitation of the four government-owned refineries (Port Harcourt, Warri, and Kaduna), yet the facilities largely remain non-functional or underperforming.

“Specific approved contracts include: Port Harcourt Refinery: $1.5 billion

Warri & Kaduna Refineries: Combined $1.48 billion.

“These significant outlays, coupled with the enduring non-operational status of the refineries, have prompted investigations by security agencies and legislative oversight bodies into allegations of fraud, mismanagement, and lack of accountability.”

The group calls for transparent tracking of funds borrowed and spent on the refineries, insisting that all spending must be prioritised, and complete forensic audits are essential to restore confidence in public investments.

“PETROAN emphasises that: Transparent tracking of funds borrowed and spent must be prioritised. Complete forensic audits are essential to restore confidence in public investments

Clear accountability frameworks must be enforced to prevent further waste of public resources

“In 2025, Nigeria’s national oil company underwent a significant leadership change. Bashir Bayo Ojulari was appointed as the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd.), succeeding Mele Kyari as part of a major board reconstitution effective April 2, 2025. The new board also includes Ahmadu Musa Kida as the non-executive chairman,” he said.