The war of words between Nigeria’s political heavyweights has shifted to the country’s industrial past, with supporters of President Bola Tinubu accusing former Vice-President Atiku Abubakar of presiding over a “scandal-riddled” privatisation era.

The Tinubu Media Support Group (TMSG) issued a sharp rebuttal on Monday, claiming that Mr Abubakar’s attempt to defend his record as the head of the National Council on Privatisation (NCP) between 1999 and 2007 was nothing more than “sophistry” designed to “whitewash” history.

The row was reignited after President Tinubu publicly questioned the fate of Nigeria’s once-mighty industrial assets. In response, Mr. Abubakar’s camp released a list of successful deals, leading the TMSG to describe the defence as a “red herring” aimed at distracting from the collapse of the nation’s steel giants.

The ‘Steel Scandal’ Reopened

Central to the dispute are the Delta Steel Company (DSC) and the Ajaokuta Steel Company. The pro-Tinubu group highlighted a 2025 National Assembly hearing which suggested that Delta Steel was sold for just $30m—despite being valued at over $700m at the time.

Key Allegations from the TMSG:

• Valuation Gaps: The group claims assets were sold “cheaply” to private interests who then used them as collateral for non-performing bank loans.
• Moribund Assets: They pointed to the Nigerian Telecommunications Limited (NITEL) and the Aluminium Smelter Company of Nigeria as examples of enterprises that have gone “moribund” since their sale.
• Process Anomalies: Citing past ministerial testimonies, the group alleged that the Ministry of Mines and Steel was often bypassed during the privatisation process.

Analysis: A Battle for the Economic High Ground

This is more than a history lesson; it is a battle for the “economic soul” of the 2027 election. President Tinubu is attempting to frame his predecessor-turned-rival as the architect of Nigeria’s industrial decline. By digging up the “ghosts” of the 1990s privatisation programme, the President’s team is trying to blunt Atiku Abubakar’s current criticisms of the Renewed Hope agenda.

For many Nigerians, the failure of the Ajaokuta and Delta steel projects is a symbol of a “lost industrial age.” By linking these failures directly to Mr Abubakar, the TMSG is tapping into a deep-seated public resentment over the redistribution of national wealth. However, the opposition will likely argue that the current administration’s own economic reforms are causing more immediate pain than the “anomalies” of thirty years ago.

The ‘Verdict of History’

The TMSG statement, signed by Emeka Nwankpa, challenged the former Vice-President to stop using “contrived whitewash” and explain exactly how the two steel companies have fared since his watch.

“It is a matter of public record that the privatisation programme… was riddled with scandals, brickbats, and legal disputes,” the group maintained.

As both sides dig into decades-old archives to score political points, the exchange serves as a reminder that in Nigerian politics, the past is never truly buried—it is simply re-tooled for the next campaign.