By Dansu Peter
The coalition demands an urgent explanation for the sustained high fuel prices despite deregulation, an immediate probe into the expenditures on local refineries, particularly the Port Harcourt Refinery, and full disclosure of the financial and contractual details of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project.
Speaking at a press conference on Wednesday, CCN Convener Dr. Emmanuel Agabi emphasised the need for transparency and accountability in the management of Nigeria's natural resources.
The coalition rejects any attempts to monopolize refining operations and advocates for diversifying refining capacities through modular refineries, which would create jobs, reduce fuel costs, and provide a stable energy supply.
Agabi also demands a public inquiry into the billions of naira invested in local refineries, particularly the Port Harcourt Refinery, to hold accountable those responsible for any mismanagement of funds.
Furthermore, the CCN calls for full disclosure of the AKK Gas Pipeline Project's financing, terms, and long-term commitments, including the role of Brentex/CPP Ltd, the project's partner.
Agabi said any attempt to monopolize refining operations will be rejected, adding that the coalition advocates for diversifying refining capacities through modular refineries.
"We are focusing on three critical areas that demand the urgent attention of the Nigerian people and the government: fuel pricing and its impact on Nigerians, the expenditures committed to our local refineries, and the full disclosure of agreements surrounding the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project," he said.
"Firstly, it is apparent to all Nigerians that the issue of fuel pricing has become a matter of national urgency. The removal of the fuel subsidy, a decision which the majority of Nigerians supported in principle, has resulted in increased fuel prices.
"While deregulation is an economic policy supported by many, including the CCN, the way it has been managed leaves much to be desired. We understand that removing the fuel subsidy is necessary for long-term growth, and has helped us save a lot.
"However, what Nigerians cannot and will not tolerate is the lack of accountability regarding the pricing mechanisms employed by the Nigerian National Petroleum Company Limited (NNPCL). Nevertheless, it is important to acknowledge that deregulation alone is not the problem. Nigerians are asking a critical question: Why has the NNPCL, as the sole importer of refined petroleum products, failed to reduce the cost of fuel, despite market deregulation?
"We are here to demand an immediate review and explanation of the factors driving fuel prices upwards. Where is the transparency? Why are we still burdened with high fuel prices when the intent of deregulation was to bring stability and fairness to the market?
"However, we must go beyond simply asking for answers on pricing. We call on the Federal Government to immediately initiate a public inquiry into the expenditures committed to reviving our local refineries, particularly the Port Harcourt Refinery.
"For years, Nigerians have been told that billions of naira have been poured into revamping these refineries. Yet, to date, none of them are operating at full capacity. Nigerians deserve to know where our money has gone. We need to know the figures, and how they are being spent. We cannot stand idly by while funds that should be used to reduce our dependence on imported refined products disappear into the abyss of corruption and mismanagement.
"The government must, without delay, probe the expenditures committed to the Port Harcourt, Warri, and Kaduna refineries. These refineries are essential to Nigeria’s self-sufficiency in refining petroleum products. If these facilities are functioning optimally, there will be no need for blending plants or monopolistic control of refining operations in the country. We reject any attempts by individuals or organizations to monopolize refining operations in Nigeria.
"As a nation, we must diversify our refining capacities by licensing and encouraging the establishment of modular refineries across the country. These smaller, flexible units are better suited to our current needs and can help reduce the cost of fuel for Nigerians.
"Apparently, another issue that requires immediate attention is the role of the NNPCL in the management of Nigeria’s oil and gas resources. As a public entity, the NNPCL must operate with full transparency. It is unacceptable that agreements, especially those with significant implications for the nation’s future, are made behind closed doors. In particular, we demand a full disclosure of the terms, financing, and long-term commitments of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project.
"The AKK Gas Pipeline Project is touted as a cornerstone of Nigeria’s economic recovery and industrialization efforts. We’ve seen the press statement released by the Federal Government and NNPCL, outlining the progress made on the AKK Gas Pipeline Project and its expected completion date in the first quarter of 2025.
"While this is commendable, we must not allow ourselves to be distracted by promises without substance. The critical infrastructure promised must not be at the expense of transparency and accountability. The government, through the NNPCL, must provide Nigerians with a comprehensive report on the financial details of the AKK Gas Pipeline Project, including the role of Brentex/CPP Ltd, the project’s partner.
"Nevertheless, we cannot ignore the broader implications of the AKK Project. This project is part of the Federal Government’s 'Decade of Gas' initiative, which is intended to harness Nigeria’s abundant gas resources for economic development. However, as stakeholders, we must ask: Who truly benefits from this initiative? Is the project designed to serve the interests of ordinary Nigerians, or is it yet another avenue for corporate and political elites to profit at the expense of the people?
"Moreover, it is essential to investigate the terms of the agreements signed by the NNPCL on behalf of Nigerians. The NNPCL is a public company, and the resources it manages belong to the Nigerians. Therefore, every agreement it enters into must be subject to public scrutiny.
"Nigerians have the right to know the specifics of any deals made with international partners, the financial implications of these deals, and the potential risks involved. We will not accept a situation where our natural resources are used as collateral for opaque deals that do not benefit the general populace."
The coalition emphasized the need for a national strategy to prioritize modular refineries, which are faster to build, cheaper to operate, and more adaptable to local demands.
According to Agbai, this would create jobs, reduce fuel costs, and provide a stable energy supply.
The CCN urges the government to introduce reforms to make the oil and gas sector more competitive and transparent and calls for the licensing of modular refineries and a robust regulatory framework to ensure fair competition.
Agabi added: "We reiterate our call for the licensing of modular refineries and the rejection of any monopoly in Nigeria’s refining industry. We believe that by diversifying refining operations, creating jobs, and reducing the cost of fuel, we can ensure that Nigeria’s oil and gas resources truly serve the people, not a select few.
"In full cooperation from Mr President, we trust that the media and Nigerians will join us in holding the government and the NNPCL accountable for their actions. The time for silence is over. We must act now to secure a better future for all Nigerians."
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