Former President Olusegun Obasanjo recently revealed that the Nigerian National Petroleum Corporation rejected a $750 million offer from billionaire Aliko Dangote to manage the Port Harcourt refinery.
According to Obasanjo, the deal was turned down despite its potential to improve the refinery’s operations.
He made this disclosure in an exclusive interview with Channels Television.
The Former President explained that the NNPC, now known as the Nigerian National Petroleum Company Limited was fully aware of its limitations in managing the country’s refineries.
Obasanjo stated that addressing the issue of Nigeria’s refineries was a key priority during his tenure.
He revealed that he reached out to Aliko Dangote, who then assembled a team and invested $700 million to revitalize and manage the refineries.
He said, “When I was president, I wanted to do something about the three refineries we have: Port Harcourt, Warri, and Kaduna. , Aliko got a team together after I asked Shell to come and run it for us. And Shell said they wouldn’t.
“Aliko got a team together and they paid $750m to take part in PPP (Public–Private Partnership) in running the refineries.
However, this initiative was short-lived, as Obasanjo’s successor reversed the decision and refunded Dangote’s investment.
“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they could run it. I now said but you know they cannot run it,” he added
The former president expressed frustration over the mismanagement of Nigeria’s refineries, revealing that over $2 billion had been spent on them since 2007 without any significant results.
He criticized the lack of accountability and efficient use of funds, which has contributed to the ongoing struggles of the country’s refining sector.
“If a company like Shell tells me what they told me, I will believe them. But here we are, over $2 billion squandered, and the refineries still won’t work,” he lamented.
In December 2024, NNPCL announced that the 125,000-barrel-per-day Warri Refining & Petrochemicals Company in Delta State is now operational.
The company confirmed that while the plant is not yet fully completed, with parts still being steamed and worked on, it is currently running.
NNPCL reassured the public that the progress is real, despite skepticism from some who doubted the refinery’s functionality.
Recall President Bola Tinubu praised the development, calling it a significant achievement for Nigeria in 2024.
He emphasized the importance of the refinery’s operations in boosting the country’s refining capacity and reducing reliance on imported fuel.
