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

Former President Olusegun Obasanjo has revealed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote to manage Nigeria's refineries in 2007. According to Obasanjo, Dangote assembled a team to take part in a public-private partnership (PPP) to operate the Port Harcourt and Kaduna refineries, but the NNPC declined the proposal, claiming it could manage the facilities itself.

Obasanjo expressed regret over the decision, stating that the NNPC has since squandered over $2 billion on the refineries, which still don't work. He also noted that Shell had previously refused to take over the refineries due to concerns about their small size, poor maintenance, and corruption.

The former president's revelation highlights the inefficiencies and poor decision-making that have plagued Nigeria's oil and gas sector. It also underscores the need for private sector involvement and expertise to turn around the country's refineries and improve their performance.

https://www.naijanews.com/2025/01/02/nnpc-rejected-dangotes-750-million-offer-to-manage-nigerias-refineries-obasanjo/