Obasanjo Reveals How NNPC Turned Down Dangote’s $750 Million Offer to Manage Nigeria’s Refineries

Former President Olusegun Obasanjo has shared details of how 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 Television, Obasanjo explained that, despite being aware of NNPC’s inability to efficiently operate the national refineries, the corporation declined Dangote’s offer. He stated, “Aliko assembled a team and they paid $750 million to participate in a Public-Private Partnership (PPP) to manage the refineries. However, my successor refunded their money.”

Obasanjo recounted a conversation with his successor, in which he explained the situation. “I told him that NNPC knew they didn’t have the capacity to run the refineries, yet they insisted on keeping them,” Obasanjo said. “Despite knowing this, they turned down Dangote’s offer, claiming they could manage the refineries on their own.”

Obasanjo served as Nigeria’s President from May 1999 to May 2007 and as the country’s military Head of State from February 1976 to October 1979.