By Abiola Olawale
Former Nigerian President as well as a former military Head of State, President Olusegun Obasanjo, has revealed how the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from Africa’s richest man and multi-billionaire businessman, Aliko Dangote.
Obasanjo revealed that in 2007, Dangote made an offer to manage Nigeria’s refineries through a Public-Private Partnership (PPP). According to the former president, despite acknowledging their lack of capacity to efficiently run the refineries, NNPC decided against the deal.
Obasanjo explained that the offer was made during his tenure, and after his administration, the subsequent government under late President Umaru Yar’Adua refunded the payment to Dangote.
The former president said the payment was refunded after the NNPC claimed to have the capacity to manage the refineries themselves.
Obasanjo said: “Aliko got a team together and they paid $750m 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 could run it. I now said but you know they cannot run it.”
The New Diplomat reports that Nigeria has three government-owned refineries. Port Harcourt Refining Company; Warri Refining and Petrochemical Company (WRPC); Kaduna Refining and
Private Refineries.
Many of these refineries have historically operated well below their capacity due to reports of neglect, corruption, and insufficient maintenance.
However, in 2024, the old Port Harcourt refinery was revitalized, beginning operation according to the NNPCL.
Also, the Warri Refinery was said to have begun operation, although repairs haven’t been completed 100% yet.
