Former President Olusegun Obasanjo has disclosed how the Nigerian Nationwide Petroleum Company (NNPC) turned down a $750 million provide from billionaire businessman Aliko Dangote to handle the Port Harcourt and Kaduna refineries in 2007.
Obasanjo made this revelation throughout an unique interview with Channels Tv, the place he shared insights into the challenges surrounding Nigeria’s struggling refineries.
The previous president defined that the NNPC, now working because the Nigerian Nationwide Petroleum Firm Restricted (NNPCL), was conscious of its limitations in managing the nation’s refineries however nonetheless rejected Dangote’s provide.
“Once I was president, I wished to do one thing in regards to the three refineries we’ve got: Port Harcourt, Warri, and Kaduna. , Aliko acquired a group collectively after I requested Shell to come back and run it for us. And Shell mentioned they wouldn’t.
“Aliko acquired a group collectively they usually paid $750m to participate in PPP (Public–Personal Partnership) in working the refineries. My successor refunded their cash and I went to my successor and instructed him what transpired. He mentioned NNPC mentioned they wished the refineries they usually might run it. I now mentioned however you recognize they can not run it.”
Nevertheless, this effort was short-lived as Obasanjo’s successor reversed the choice and refunded Dangote’s funding.
“I went to my successor and instructed him what transpired. He mentioned NNPC claimed they wished the refineries and will run them. I then mentioned, ‘However you recognize they can not run it,’” Obasanjo added.
The previous president expressed frustration over the mismanagement of the refineries, revealing that greater than $2 billion had been spent on them since 2007 with out yielding outcomes.
“If an organization like Shell tells me what they instructed me, I’ll consider them. However right here we’re, over $2 billion squandered, and the refineries nonetheless gained’t work,” he lamented.
Backstory
- In December 2024, NNPCL introduced that the 125,000-barrel-per-day Warri Refining & Petrochemicals Firm (WRPC) in Warri, Delta State, is now operational.
- This plant is working. We now have not accomplished 100 per cent, we’re steaming the opposite a part of the plant as we progress. At the moment, this plant is working. There are numerous individuals who don’t suppose that is actual.
Folks don’t consider that actual issues can occur in our nation. We consider that this can be a supply of pleasure for our nation. I simply need you to know that the whole lot you see is actual.” He said.
In response to the newest improvement, President Bola Tinubu hailed the reopening of the Warri Refining and Petrochemical Firm (WRPC) describing it as a major achievement in 2024.
What it is best to know
- Obasanjo served as Nigeria’s democratically elected president from Might 1999 to Might 2007, throughout which he targeted on reforming vital sectors of the financial system.
- Earlier than this, he was Nigeria’s navy head of state between February 1976 and October 1979.
- His administration commenced the efforts to decontrol the downstream sector.
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