NNPC Rejected Dangote’s $750 Million Offer To Run Refineries – Obasanjo

Former President Olusegun Obasanjo has revealed that the Nigerian National Petroleum Corporation (now Nigerian National Petroleum Company Limited) declined a $750 million offer from Aliko Dangote in 2007 to manage the Port Harcourt, Warri, and Kaduna refineries.

This revelation came during an exclusive interview with Channels Television on Thursday.

Obasanjo explained that despite the NNPC being aware of its inability to effectively manage the refineries, it rejected Dangote’s proposal.

According to him, Dangote’s offer followed Shell’s decision to turn down his request to manage the refineries due to corruption, poor maintenance, and low production output, among other reasons.

The former president stated, “It was after that, Aliko got a team together and they paid $750 million to take part in PPP (Public–Private Partnership) in running the refineries.

“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 said, but you know they cannot run it.”

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Obasanjo lamented that since the NNPC rejected Dangote’s offer, over $2 billion has been wasted on the refineries without achieving functionality.

He said, “But I was told not too long ago that since that time, more than $2 billion have been squandered on the refineries, and they still will not work.

“If a company like Shell rejected my offer to manage the refineries based on their reasons, I will believe them.”

Obasanjo also questioned the current partnership between the NNPCL and Dangote, noting, “Not only make it (his refinery) work, he (Dangote) will make it deliver. And whether we announce our own government refineries working or not working, it is like a man who plants 100 heaps of yam and says he planted 200 heaps. After he harvests 100 heaps of yam, he will also harvest 100 heaps of lies.”