Former President Olusegun Obasanjo has revealed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote to manage Nigeria’s Port Harcourt and Kaduna refineries in 2007. According to Obasanjo, Dangote made the offer through a public-private partnership (PPP) initiative, but NNPC turned it down due to its own inability to efficiently operate the refineries.

Obasanjo recounted the events, saying, “Aliko got a team together, and they paid $750 million to take part in a PPP to run the refineries. My successor refunded their money, and I went to him to explain what happened. He said NNPC insisted on running the refineries themselves, claiming they could manage them, but I told him they could not”.

Obasanjo expressed his frustration with NNPC’s decision, stating that the corporation was aware of its inability to effectively manage the refineries. He also questioned why NNPC is now working with Dangote, saying, “Not only will he make it (his refinery) work, he (Dangote) will make it deliver”.

The former president’s revelation has sparked controversy, with many questioning NNPC’s decision to reject Dangote’s offer. Obasanjo’s comments come as the NNPC has invited him to tour the Port Harcourt and Warri refineries, which have recently undergone rehabilitation. However, Obasanjo has rejected the invitation, calling it “disrespectful”.

Olusegun Obasanjo is a pivotal figure in Nigerian politics, having served as the country’s head of state from 1976 to 1979 and later as president from 1999 to 2007.