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.
In an exclusive interview with Channels TV, Obasanjo explained that Dangote, through a public-private partnership (PPP) initiative, offered a substantial $750 million to take control of the refineries.
However, according to Obasanjo, NNPC, which has since been rebranded as NNPCL, turned down the offer 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 was Nigeria’s democratically elected President from May 1999 to May 2007. From February 1976 to October 1979, he was Nigeria’s military head of state.
Watch the full interview below:
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