Former Nigerian President Olusegun Obasanjo has revealed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million proposal from billionaire businessman Aliko Dangote to manage Nigeria’s refineries.
Speaking in an exclusive interview with Channels TV, Obasanjo recounted that in 2007, Dangote had proposed a Public-Private Partnership (PPP) arrangement to oversee operations at the Port Harcourt and Kaduna refineries.
The offer, however, was declined by the NNPC, which claimed it had the expertise to manage the facilities.
“Aliko assembled a team and offered $750 million under a PPP arrangement to manage the refineries. My successor, however, refunded the money, stating that NNPC believed they could handle the refineries themselves. I told him they lacked the capacity to manage the refineries effectively,” Obasanjo explained.
The former president criticized the decision as a reflection of poor leadership and mismanagement, which he said has contributed to Nigeria’s ongoing economic challenges.
Obasanjo also encouraged Nigerians to remain hopeful despite the nation’s difficulties, stressing the potential for better leadership to drive positive change.
“We are facing hardship, but we must not lose hope. This is not where God intends for us to be, and I believe we will get there sooner or later. Our current situation is largely the result of the actions—or inactions—of both leaders and, to some extent, followers,” he said.
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