Former Nigerian President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) turned down a $750 million proposal by billionaire Aliko Dangote to manage the Port Harcourt and Kaduna refineries in 2007.
Speaking during an exclusive interview with Channels Television, Obasanjo explained that Dangote had assembled a capable team and proposed a Public-Private Partnership (PPP) to oversee the refineries. However, the NNPC, now operating as the Nigerian National Petroleum Company Limited (NNPCL), refused the offer despite lacking the expertise to manage the facilities effectively.
“Dangote and his team invested $750 million to participate in the PPP arrangement. Unfortunately, my successor decided to refund the money after the NNPC claimed it could handle the refineries independently,” Obasanjo revealed. “I cautioned him, pointing out that the NNPC did not have the capacity to operate the refineries, but my advice was not heeded.”
Obasanjo served as Nigeria’s president from 1999 to 2007, following his tenure as military head of state between 1976 and 1979.
