Former President Olusegun Obasanjo has revealed 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.
According to Obasanjo, Dangote’s team paid $750 million to participate in a Public-Private Partnership (PPP) to run the refineries.
However, the NNPC, now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.
Obasanjo, in a chat with Channels Television stated, “Aliko got a team together and they paid $750m to take part in PPP in running the refineries. My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.”
He further noted that since the rejection, more than $2 billion has been spent on the refineries, yet they remain non-functional.
“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” Obasanjo added.
