Former Nigerian President Olusegun Obasanjo has revealed that the Nigerian National Petroleum Corporation (NNPC) turned down a $750 million proposal from billionaire businessman Aliko Dangote to manage the country’s refineries.
Speaking during an exclusive interview with Channels TV, Obasanjo disclosed that in 2007, Dangote assembled a team and offered the sum as part of a Public-Private Partnership (PPP) to operate the Port Harcourt and Kaduna refineries. However, the NNPC (now Nigerian National Petroleum Company Limited, NNPCL) rejected the offer, citing its ability to run the facilities independently.
“Aliko got a team together and they paid $750m to take part in PPP in running the refineries,” Obasanjo said. “My successor refunded their money, and I went to him to explain what had transpired. He said NNPC claimed they wanted the refineries and could manage them. I told him, ‘But you know they cannot run it.’”
The former president has often criticized the inefficiency of Nigeria’s refineries and the lack of quality leadership in managing the country’s resources.
While addressing the nation’s economic challenges, Obasanjo noted that the hardships Nigerians face today are partly due to the decisions of past leaders. However, he encouraged citizens not to lose hope as the new year unfolds.
“We are going through hardship, but we should never lose hope. Where we are now is not where God wants us to be. I believe that sooner or later, we will get there,” he stated. “We are where we are because of the inadvertent actions of our leaders and followers, to some extent.”
The disclosure has reignited discussions about the mismanagement of Nigeria’s oil sector and the missed opportunities for public-private collaboration in improving critical infrastructure.
