Yar’Adua vs Dangote: The 2007 $750m Refinery Deal That Never Happened
Former President Olusegun Obasanjo has revealed that in 2007, Aliko Dangote offered $750 million to manage Nigeria’s Port Harcourt and Kaduna refineries through a public-private partnership.
However, his successor, President Umaru Musa Yar’Adua, rejected this offer, with the Nigerian National Petroleum Corporation (NNPC) asserting its capability to operate the refineries independently.
Obasanjo recounted that during his tenure, he sought external assistance to rehabilitate and manage the refineries.
After Shell declined to participate, Dangote assembled a team and proposed the $750 million investment. Despite this, the offer was declined, and the NNPC maintained its stance on managing the refineries.
Obasanjo expressed frustration over the mismanagement of the refineries, noting that over $2 billion had been spent since 2007 without achieving desired results. He contrasted this with Dangote’s successful operation of his privately owned refinery, highlighting the inefficiencies of government-run facilities.