When Tinubu Removed Subsidy First Time, I Told Him, Reverse It Your Refineries Are All Dead —Okonkwo

Kenneth Okonkwo, spokesperson for African Democratic Congress (ADC) presidential candidate Atiku Abubakar, has blamed corruption for the challenges facing Nigeria’s oil industry and questioned why billions of dollars invested in the country’s refineries have not restored their operations. Okonkwo made the remarks during an interview on Channels Television on Sunday, October 11, 2026.

He began by agreeing with another participant, Adewole, that corruption had undermined the oil industry. He subsequently cited a statement attributed to Adams Oshiomhole concerning alleged discrepancies in the accounts of the Nigerian National Petroleum Company Limited (NNPCL). “First of all, let me agree with Adewole that it is corruption that crippled the oil industry,” Okonkwo said.

Okonkwo further claimed that a bench warrant had been issued against a former managing director of NNPCL before the Senate, under the leadership of Godswill Akpabio. “Adams Oshiomhole told a bewildered nation on the floor of the senate that there is 210 trillion naira unaccounted for by NNPC. As a matter of fact, they issued a bench warrant for the previous MD of NNPC, alive or dead,” he said.

The ADC spokesperson argued that allegations of financial misconduct within the oil sector warranted greater scrutiny, particularly given the substantial sums reportedly invested in the country’s refineries without a corresponding resumption of operations. “This is Oshiomhole’s own statement. And in the general senate, the senate, the Akpabio-led senate, made him to withdraw the bench warrant,” he said.

He then recalled his position on the removal of the petrol subsidy, saying he had urged President Bola Tinubu to reverse the decision because Nigeria’s refineries were not operational at the time. “Can you imagine that Atiku’s government has invested more than $1.5 billion and $3 billion if you go back to Buhari’s regime? And the refineries did not work, and they are not working. And you think it’s not enough to probe,” he said.

He argued that removing the subsidy while the country depended entirely on imported petroleum products would expose Nigerians to higher costs, especially given the weakness of the naira and the dependence of fuel prices on the US dollar.

“When Tinubu removed subsidy the first time, I told him, reverse it because your refineries are all dead. So you cannot remove subsidy when you are importing 100% to Nigeria. And your currency is not strong, and everything is subject to the dollars. That this will be unsustainable,” he said.