The National President of the Nigerian Society of Chemical Engineers (NSChE) Bayo Olarewaju-Alo, has advocated transparent, competitive and time-bound privatisation process for the nation’s state-owned refineries. He said timely, credible reform would strengthen investors confidence in the nation’s commitment to commercially disciplined energy-sector reform.

Speaking on the topic, ‘Nigeria’s moribund refineries need new governance,’ he said if the refineries are commercialised, the assets could support domestic supply resilience, petrochemical growth, engineering employment and regional trade.

He advised the government to retain responsibility for policy, regulation, security, competition and public-interest safeguards, not day-to-day refinery operations.

To him, the problem is not only technical, it is also weakness in ownership, governance, investment discipline, operational autonomy and accountability.

Speaking further, he called on the federal government and The Nigerian National Petroleum Company Limited (NNPCL) to involve professional bodies such as NSChE and set out a clear, time-bound roadmap for the assets.

He added, “further public rehabilitation expenditure should give way to a transparent divestment of majority equity holding to credible private investors, with enforceable obligations and professional operational control.”

With strong governance and rigorous execution, Olarewaju-Alo expressed optimism the nation’s refinery assets could again contribute to industrial development and energy-security objectives.