Former President Olusegun Obasanjo has revealed that billionaire businessman Aliko Dangote offered $750 million in 2007 to manage the Port Harcourt and Kaduna refineries, but the offer was rejected by the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPC Limited (NNPCL).
In an interview with Channels TV, Obasanjo revealed that Dangote had assembled a team to take part in a public-private partnership (PPP) to operate the refineries effectively. However, the NNPC reportedly declined the proposal, claiming it was capable of managing the facilities itself.
“Aliko got a team together and they paid $750 million to take part in PPP (Public–public-private partnership) in running the refineries,” Obasanjo said.
He added that the incoming administration after his tenure refunded Dangote’s money following NNPC’s insistence on handling the refineries independently.
“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 can run it. I now said, but you know they cannot run it,” Obasanjo recounted.
The former president expressed regret over the decision, highlighting the inefficiencies of the NNPC in managing the country’s refining operations.
“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added.
