The Nigerian National Petroleum Company Limited (NNPCL) has rejected claims by former President Olusegun Obasanjo about the mismanagement of Nigeria’s refineries. Obasanjo alleged that over $2 billion had been wasted on repairs since 2007, with no results.
Obasanjo said his administration tried to privatize the Port Harcourt, Warri, and Kaduna refineries. He revealed that Aliko Dangote offered $750 million to manage the refineries in 2007, but his successor, Umaru Musa Yar’Adua, rejected the deal.
The former president accused NNPC of lacking the ability to run the refineries. He claimed Yar’Adua’s decision led to years of waste and inefficiency. NNPC said they could run it, but they couldn’t. Since then, $2 billion has been squandered, Obasanjo said.
NNPCL denied the allegations. The company invited Obasanjo to visit the refineries and see their progress. Spokesperson Femi Soneye said the Port Harcourt and Warri refineries had been fully overhauled and were now operational.
We invite President Obasanjo to tour the rehabilitated refineries. He will see the progress we have made, Soneye said.
He explained that NNPCL had moved beyond routine maintenance to a full-scale upgrade of the refineries. He added that the company had transformed into a profit-driven private entity.
NNPCL is no longer a government corporation. We are now an integrated energy company focused on sustainable solutions, Soneye said.
Obasanjo’s remarks and NNPCL’s response have reignited debates about Nigeria’s refineries. While Obasanjo insists past decisions failed, NNPCL claims its recent reforms are delivering results.