Obasanjo Discloses NNPC Rejected $750 Million Offer from Dangote to Manage Refineries

Former President Olusegun Obasanjo has revealed that in 2007, Nigerian billionaire Aliko Dangote offered a substantial $750 million to manage the Port Harcourt and Kaduna refineries, but the Nigerian National Petroleum Corporation (NNPC) rejected the proposal.

In an exclusive interview with Channels TV, Obasanjo disclosed that Dangote had assembled a team and paid the $750 million as part of a Public-Private Partnership (PPP) initiative aimed at revitalizing the refineries, which had long struggled with inefficiency. Despite the offer, the NNPC, which has since rebranded as NNPCL, turned it down, citing its desire to independently manage the refineries.

Obasanjo recounted his involvement in the matter, stating that after the rejection, he informed his successor about the situation. However, he was told that the NNPC was confident in its ability to run the refineries on its own. He added, “I now said, but you know they cannot run it.”

Reflecting on the aftermath, Obasanjo lamented the continuing failure of the refineries, noting that over $2 billion had been wasted on their upkeep since the rejection, yet they still remain non-operational.

This disclosure highlights the missed opportunity to reform Nigeria’s refining sector, which has been a source of persistent challenges for the country’s oil industry.