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.
In an exclusive interview with Channels TV, Obasanjo disclosed that in 2007, Dangote had offered the substantial sum as part of a Public-Private Partnership (PPP) to oversee operations at the Port Harcourt and Kaduna refineries. However, the offer was declined by NNPC, which at the time insisted it had the capacity to manage the refineries.
“Aliko assembled a team and offered $750 million for a PPP arrangement to manage the refineries. However, my successor refunded the money, explaining that NNPC claimed it could handle the refineries themselves. I told him they lacked the capacity to run the refineries effectively,” Obasanjo said.
The former president criticized the decision, pointing to it as an example of poor leadership and decision-making that has contributed to Nigeria’s economic challenges.
Obasanjo further urged Nigerians to remain hopeful despite the nation’s current difficulties, emphasizing that better leadership could bring about significant improvements.
“We are facing hardship, but we must not lose hope. This is not where God intends for us to be, and I believe we will get there sooner or later. Our current situation is largely the result of the actions—or inactions—of both leaders and, to some extent, followers,” he stated.
