In a recent exclusive interview with Channels Television, former Nigerian President Olusegun Obasanjo revealed how the Nigerian National Petroleum Corporation (NNPC), now known as the Nigerian National Petroleum Company Limited (NNPCL), turned down a $750 million offer from billionaire businessman Aliko Dangote to manage the Port Harcourt and Kaduna refineries in 2007. The disclosure sheds light on the missed opportunity that could have helped address the ongoing challenges facing Nigeria’s struggling refineries.
Obasanjo explained that, during his tenure as president, he sought ways to improve the country’s ailing refineries, which were grappling with operational inefficiencies. “When I was president, I wanted to do something about the three refineries we have: Port Harcourt, Warri, and Kaduna,” Obasanjo said. He acknowledged the limitations of NNPC in managing the refineries but noted that the corporation still rejected the offer made by Dangote, despite the potential benefits it could have brought.
According to the former president, after NNPC failed to engage Shell in managing the refineries, Aliko Dangote stepped in with a proposal to invest $750 million through a Public-Private Partnership (PPP). “Aliko got a team together and they paid $750m to take part in PPP in running the refineries,” Obasanjo recalled. The billionaire businessman’s initiative appeared to offer a solution to the refinery crisis, yet the NNPC turned down the offer despite the pressing need for intervention.
Obasanjo also revealed that his successor in office was briefed on the situation and the potential of Dangote’s proposal. However, despite the details shared, the offer was ultimately rejected. “My successor refunded their money and I went to my successor and told him what transpired,” the former president said. “He said NNPC said they wanted the refineries and they could run it. I now said but you know they cannot run it.”
