By Ayomide Otitoju
Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC), now rebranded as the Nigerian National Petroleum Company Limited (NNPCL), rejected a $750 million offer from billionaire businessman Aliko Dangote to manage the Port Harcourt and Kaduna refineries in 2007.
Speaking during an exclusive interview with Channels Television, Obasanjo recounted how Dangote, alongside a team of investors, proposed a Public–Private Partnership (PPP) arrangement to operate the refineries effectively.
“Aliko got a team together and they paid $750 million to take part in PPP for running the refineries,” Obasanjo explained. “My successor refunded their money, and I approached him to discuss the matter. He said NNPC claimed they could manage the refineries. I reminded him they couldn’t.”
Missed Opportunity
Obasanjo expressed his disappointment, emphasizing that the NNPC was aware of its limited capacity to manage the refineries yet dismissed an opportunity for private sector intervention.
The former president’s comments shed light on a pivotal moment in Nigeria’s energy sector history, as the Port Harcourt and Kaduna refineries have since struggled to achieve optimal productivity, contributing to the nation’s reliance on imported refined petroleum products.
A Legacy of Leadership
Olusegun Obasanjo served as Nigeria’s democratically elected president from May 1999 to May 2007, following his tenure as military head of state from February 1976 to October 1979.
His revelation comes amidst ongoing debates about the role of private sector participation in addressing Nigeria’s chronic challenges in the energy sector. As Dangote’s refinery nears completion, the incident underscores the complexities of decision-making in public sector governance and the consequences of rejecting private investment opportunities.
