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Senate Raises Questions Over $1.5bn Expended On Port Harcourt Refinery

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Senate Leader, Michael Opeyemi Bamidele
Senate Leader, Senator Michael Opeyemi Bamidele
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***Says it’s unfair to treat govt businesses as an orphan

 ***Reveals plan to conduct investigation alongside lower chamber

Amid pervasive allegations of sabotage in the petroleum industry, the Senate has raised questions over $1.5 billion approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery with little or no result.

Consequently, the upper chamber lamented that it was unfair and wrong to treat government businesses or public companies as an orphan while private businesses were flourishing and thriving.

The Leader of the Senate and Chairman, Senate Ad-hoc Committee to Investigate the Alleged Economic Sabotage in the Nigerian Petroleum Industry, Senator Opeyemi Bamidele raised the questions at a session with stakeholders in the industry at the National Assembly Complex, Abuja on Wednesday.

The session was attended by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Group Managing Director, Nigerian National Petroleum Corporation Limited (NNPCL), Malam Melee Kyari; Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe and Chief Executive Office, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr. Farouk Ahmed, among others.

The Federal Executive Council had approved the plan by the Ministry of Petroleum Resources to rehabilitate and turn around the Port Harcourt Refinery with a whopping sum of $1.5 billion under the administration of former President Muhammadu Buhari.

Despite the huge investment, the government-owned refinery is yet to function effectively, a situation that compelled the country to depend almost entirely on the importation of petroleum products.

At the session with stakeholders Wednesday, however, Bamidele expressed grave concerns about the dysfunctionality of the government-owned refineries despite billions of Dollars invested to carry out turn-around maintenance on the installation.

Bamidele observed that the federation “is undergoing a truly challenging period,” pointing out that the distribution and supply of refined petroleum products “has been irregular and problematic in the recent history of our fatherland.”

“The long queues at filling stations are obviously a testament to this challenge. A situation, whereby we now depend almost entirely on the importation of these products, even when we daily supply the global oil market no fewer than two percent of its crude oil requirements, is to say the least, highly worrisome.

“We also have at hand a grievous issue of national concern that directly borders on the importation of hazardous petroleum products and dumping of substandard diesel into the country.”

Under different administrations since 1999, Bamidele observed that the federal government “has invested billions of Dollars to maintain and turn around the state-owned refineries in Kaduna, Port Harcourt and Warri. But the refineries are not functioning.

“In 2021, specifically, the Federal Executive Council approved $1.5 billion for the turn-around maintenance of the Port Harcourt Refinery. Yet, this investment has not yielded significant returns.

“For us, in the Senate, we believe, it is unfair and unpatriotic to treat government businesses or public corporations as an orphan while private businesses are flourishing and thriving,” Bamidele pointed out at the interactive session.

To permanently nip these challenges in the bud, the chairman of the ad-hoc committee disclosed the plan of the Senate to jointly conduct investigation into diverse allegations of economic sabotage in the petroleum industry along with the House of Representatives.

Bamidele, equally, noted that there would be no room for grandstanding during the investigative hearing, promising that the committee would carry out its mandate fairly and impartially.

While insisting that nobody will be untouchable, Bamidele said the task of ridding the petroleum industry of malfeasance “is urgent and must be carried out in the spirit of nationalism and patriotism. We are ready to carry it out with all senses of honour and responsibility.

“We are also taking it seriously with a view to addressing fundamental issues that pose grave threats to our economic prosperity, fiscal stability and public health as a federation. In line with our mandate, we will definitely unravel factors and forces aiding sabotage in our petroleum industry.

“From our findings, we will craft a legislative framework that will entrench global best practices in the industry; open it up for more investments, especially in the midstream and downstream sectors and end vicious regimes of subterfuge in the petroleum industry.

“We are utterly committed to this mandate. We shall carry it out without fear or favour. We shall be equitable, fair and just to all parties with a view to promoting and protecting the strategic national interests of our fatherland,” Bamidele said.

He, therefore, promised that the National Assembly “is ready to carry out the investigative hearing with all senses of honor and responsibility,” citing impeccable professional backgrounds of the members of the committee.

Also, at the session, Kyari claimed that NNPCL “is loyal and faithful to the country,” saying its management vowed to protect the interest of Nigeria in the petroleum industry.

He observed that most problems in the petroleum industry “have nothing to do with NNPCL. We are faithful and loyal to the economic interest of this country. We are not criminals. We are not thieves. But we will protect our dignity and honour.

In his own remarks, Edun said the increase in the crude would stabilise the country’s foreign exchange market while expressing confidence in the leadership of the ad-hoc committee to conduct an unbiased and impartial investigation.

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Senate Leader Bamidele to Deliver Lecture on Proactive Lawmaking at NIPSS

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The Leader of the Senate, Senator Michael Opeyemi Bamidele, is scheduled to deliver a lecture at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Jos, Plateau State, on Thursday, October 29, 2026.

 

The lecture, titled *“Improving Efficiency and Effectiveness of Governance through Proactive Lawmaking: The 10th Senate as a Case Study,”* is designed for participants of the institute’s Senior Executive Course 47.

 

Senator Bamidele is expected to draw from his legislative experience and leadership of the 10th Senate to examine how proactive lawmaking can improve governance, strengthen public institutions and promote national development.

 

The session will also explore the role of effective legislative processes and forward-looking policies in improving public service delivery, strengthening democratic institutions and achieving better governance outcomes.

 

The Director-General of NIPSS, Professor Ayo Omotayo, will host the engagement, which forms part of the institute’s efforts to expose participants to practical leadership experiences and strategic perspectives on public policy and national development.

 

The lecture is expected to provide a platform for discussions on the relationship between effective legislation and governance, while highlighting the importance of collaboration between the legislature and strategic national institutions in shaping policies and strengthening Nigeria’s governance framework.

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GOV OYEBANJI MOURNS AFENIFERE LEADER, FASORANTI

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Ekiti State Governor, Mr Biodun Oyebanji, has expressed deep condolences over the death of respected elder statesman and Afenifere leader, Chief Reuben Fasoranti, who passed away on Tuesday at the age of 100.

 

The Governor described his death as a monumental loss to the Yoruba nation and Nigeria, extending his condolences to Afenifere, the people of Ondo State, prominent Yoruba leaders, and the deceased’s family and associates.

 

In a statement by his Chief Press Secretary, Mr Yinka Oyebode, Governor Oyebanji described Pa Fasoranti as a patriot whose life was marked by selfless service, integrity and an unwavering commitment to the advancement of the Yoruba people and Nigeria.

 

He said the late Afenifere leader would be remembered for his courage, loyalty and principled stand on truth, justice and the rule of law.

 

The Governor noted that Pa Fasoranti remained committed to justice, equity, good governance and restructuring throughout his life, adding that his contributions to national affairs reflected his desire for a united, peaceful and prosperous Nigeria.

 

He said the deceased’s legacy would endure through the values he upheld, the causes he championed and the generations inspired by his commitment to democracy and national development.

 

Governor Oyebanji urged the children and other family members to be consoled with the fact their father lived a remarkable life of service, and his enduring contributions to society would remain indelible.

 

“On behalf of the Government and the good people of Ekiti State, I express my heartfelt condolences to the family of our departed leader, Pa Fasoranti. I pray that God will grant Baba eternal rest and give his children and the entire family the fortitude to bear this irreparable loss,” the statement added.

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Igbalajobi Urges Oyebanji to Prioritise Industrialisation, Youth Development, Technical Education

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Dr. Muyiwa Igbalajobi, founder of Scholarships Cafe and the Muyiwa Igbalajobi Foundation, and a faculty member at the University of British Columbia (UBC), Canada, has urged Ekiti State Governor, Biodun Oyebanji, to prioritise industrialisation, youth development, inclusive governance and educational reforms in his second term.

 

 

Igbalajobi said greater attention to these critical sectors would help accelerate the state’s socio-economic development, create opportunities for young people and strengthen Ekiti’s capacity to compete in an increasingly knowledge-driven economy.

 

 

He also called for improvements in the state’s educational system, particularly technical and vocational education, as a means of equipping young people with practical skills required to meet the demands of modern industries and the evolving labour market.

 

 

According to him, the governor’s second term presents an opportunity to consolidate the achievements of his first administration while pursuing policies that deliver sustainable economic growth, expand employment opportunities and improve the living standards of residents.

 

 

On industrialisation, Igbalajobi stressed the need for policies and investments that would encourage the establishment and growth of industries, attract private-sector investment and promote the development of local enterprises.

 

 

He noted that a stronger industrial base could help Ekiti diversify its economy, generate employment for its growing youth population and reduce dependence on government employment.

 

 

The university don also emphasised the importance of creating an enabling environment for businesses to thrive, with particular attention to infrastructure, skills development and policies capable of attracting investors to the state.

 

 

He maintained that industrial development should be linked to the state’s human capital development strategy to ensure that residents, especially young people, possess the skills required to benefit from emerging economic opportunities.

 

 

The education advocate further called for inclusive governance that would ensure that the benefits of government policies and programmes reach all segments of society, irrespective of social or economic background.

 

 

He urged the administration to create more opportunities for young people to participate in governance, entrepreneurship, innovation and community development, stressing that youth development should be treated as a central component of the state’s long-term development agenda.

 

 

Igbalajobi also advocated a more accessible and responsive educational system that identifies and nurtures talent, removes barriers to academic advancement and provides students with the support needed to achieve their potential.

 

 

He called for stronger technical and vocational education, noting that practical skills training would help bridge the gap between classroom learning and the requirements of the workplace.

 

 

According to him, technical institutions should be adequately equipped, while their curricula should be aligned with the needs of industries and emerging sectors of the economy.

 

 

He stressed the importance of collaboration between the government, educational institutions, private organisations and international partners to expand scholarship opportunities, strengthen mentorship programmes and expose students to global academic and professional opportunities.

 

 

Igbalajobi, who founded Scholarships Cafe and the Muyiwa Igbalajobi Foundation to promote educational access and youth empowerment, has also championed mentorship initiatives designed to connect talented Ekiti youths with opportunities for postgraduate education and professional development.

 

 

Through initiatives such as the Ekiti 100 Scholar Mentorship Programme, the foundation seeks to guide qualified young people from the state’s 16 local government areas towards fully funded master’s and doctoral opportunities at leading universities worldwide.

 

 

The scholar maintained that investments in education and human capital development would be essential to building a productive workforce capable of supporting Ekiti’s industrialisation drive and sustaining economic growth.

 

 

He urged the governor to ensure that policies introduced during the second term are backed by effective implementation, measurable outcomes and accountability, so that the impact of government interventions can be felt by ordinary residents.

 

 

The call comes as Oyebanji begins his second four-year term following his inauguration on October 16, 2026, with the governor pledging to consolidate the achievements of his first administration and pursue greater economic productivity, innovation and inclusive development.

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