Former President of Nigeria, Chief Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) turned down a $750 million proposal from billionaire businessman Aliko Dangote to manage the Port Harcourt and Kaduna refineries in 2007.
In an interview with Channels Television, Obasanjo recounted how Dangote assembled a team and offered the amount as part of a Public-Private Partnership (PPP) to run the refineries. Despite acknowledging its inability to manage the facilities effectively, the NNPC rejected the offer, leading to what Obasanjo described as a missed opportunity for the nation.
He stated:
“Aliko got a team together and they paid $750m to take part in PPP in running the refineries. My successor refunded their money, and I went to him to explain what transpired. He told me that the NNPC insisted they wanted the refineries and could run them. I said, ‘But you know they cannot run it.’”
The Port Harcourt and Kaduna refineries have since struggled with operational inefficiencies, costing Nigeria billions in maintenance and unutilized capacity.
Obasanjo served as Nigeria’s President from May 1999 to May 2007 and was a former military Head of State between February 1976 and October 1979. This revelation adds to the ongoing discourse about challenges in Nigeria’s oil sector and its impact on the country’s economy.
