Nigeria’s former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) turned down a $750 million offer from billionaire businessman Aliko Dangote to manage the Port Harcourt and Kaduna refineries in 2007.
In an exclusive interview with Channels TV, Obasanjo revealed that Dangote had assembled a team and offered the massive sum as part of a Public-Private Partnership (PPP) to manage the refineries. However, NNPC, then a state-run entity, lacked the capacity to operate the refineries and rejected the offer.
Obasanjo explained that despite the substantial investment, NNPC insisted it could manage the refineries itself, leading to a refund of Dangote’s payment. “My successor refunded their money, and I went to him to explain the situation. He said NNPC claimed they could run the refineries. I told him they could not,” Obasanjo said.
Reflecting on the current state of Nigeria, Obasanjo attributed the nation’s struggles to the actions of its leaders, emphasizing the need for quality leadership to improve the economy. He urged citizens to remain hopeful despite the hardship, believing that Nigeria would eventually overcome its challenges.