Former President Olusegun Obasanjo has revealed that late President Umar Musa Yar’Adua rejected Alhaji Aliko Dangote’s $750 million bid to manage Nigeria’s refineries under a public-private partnership.
Speaking in an interview with Channels TV, Obasanjo explained that during his presidency, efforts to involve Shell in operating the Port Harcourt, Warri, and Kaduna refineries failed due to the company’s concerns over inefficiencies and corruption.
“Shell declined, citing reasons like poor maintenance, corruption, and the refineries being too small compared to global standards,” Obasanjo said.
He added that Dangote stepped in with a team to manage the refineries but was blocked by Yar’Adua, who refunded the billionaire’s investment.
Obasanjo lamented the decision, noting that subsequent governments have spent over $2 billion on the refineries without success. He praised Dangote’s ability to effectively manage his private refinery, contrasting it with government inefficiency.
“If Aliko can make his refinery work, it’s clear he could have made ours functional too,” Obasanjo remarked.
