• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, June 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

NNPC’s Lie Made Yar’Adua Reject Dangote’s $750m Offer To Manage Refineries — Obasanjo

by Nafisat Abdulrahman
5 months ago
in News
Obasanjo
Share on WhatsAppShare on FacebookShare on XTelegram

Former President Olusegun Obasanjo has revealed new details surrounding Nigeria’s ongoing refinery challenges, including the failed attempt to privatise the refineries and the subsequent financial losses under government management.

Advertisement

In an exclusive interview with Channels TV monitored by our Correspondent on Thursday, Obasanjo discussed the Port Harcourt, Warri, and Kaduna Refineries, emphasising his efforts to seek external help for their rehabilitation and management during his presidency.

He recounted how Shell, one of the world’s largest oil companies, refused to take on the responsibility despite his government’s invitation.

“I asked Shell to come and run it for us and Shell said they wouldn’t. I said, ‘Please come and take equity.’ They said no. I said ‘okay, don’t take equity, come and run it, they said no’,” Obasanjo explained.

The former president further elaborated on his conversation with the Shell boss, who cited several reasons for the company’s refusal. He said Shell’s primary business was in upstream oil production, not refining, and the refineries in Nigeria were too small by global standards.

RELATED

United Capital Records N5.24bn Pre-Tax Profit In H1

United Capital Unveils N1bn Children Investment Fund

24 seconds ago
SEC Warns Nigerians Against Unregistered Investment Schemes

SEC Urges Vigilance, Education To Combat Ponzi Schemes

2 minutes ago

“He said our refineries were too small: 60,000 barrels, 100,000 barrels, and I think 120,000 barrels. At that time, the average refinery was going for 250,000 barrels,” Obasanjo recalled. “He also mentioned that the refineries were poorly maintained and that corruption was rampant around their operations, which made Shell hesitant to get involved.”

After Shell’s rejection, Obasanjo turned to Nigerian businessman and later Africa’s richest man, Aliko Dangote, who assembled a team to offer a solution. According to Obasanjo, Dangote paid $750 million for a Public-Private Partnership (PPP) arrangement to operate the refineries.

“Aliko got a team together and they paid $750 million to take part in PPP in running the refineries. My successor refunded their money and I went to him and explained what happened, but he said NNPC wanted to run the refineries, claiming they could manage them,” Obasanjo said.

Despite this, Obasanjo expressed confidence in Dangote’s ability to manage his privately owned refinery, noting that government-run refineries had failed to operate effectively.

“I was told not too long ago that since that time, more than two billion dollars have been squandered on the refineries, and they still will not work,” Obasanjo said. “If a company like Shell tells me what they told me, I will believe them. If anybody tells you now that it is working, why are they now with Aliko? And Aliko will make his own refinery work; not only make it work, he will make it deliver.”

He concluded with a Yoruba proverb, drawing a comparison between the government’s inflated claims about the refineries and deceptive promises.

“They say after he has harvested 100 heaps of yam, he will also have 100 heaps of lies. You know what that means,” Obasanjo said, emphasising the ongoing failure to resolve Nigeria’s refinery crisis.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

Breaking NEWS: Nigerians can now earn in US Dollars, acquire ultra premium domains for low and sell for super profit. Our client acquired a domain for $3715 and got it sold for $42,000. Click here to see how you too can profit from the business.


Tags: Nigerian National Petroleum Company (NNPC)Olusegun Obasanjo
SendShareTweetShare
Previous Post

Deadliest Crash: Jeju Air CEO Kim E-bae Banned From Leaving South Korea

Next Post

MTN Quits Guinea, Sells Off Assets To State

Nafisat Abdulrahman

Nafisat Abdulrahman

I am a dedicated reporter at Leadership Newspaper, where I bring a keen eye for detail and a passion for storytelling to a diverse range of topics, including business, sports, politics, and international affairs. My work aims to provide readers with accurate, timely, and engaging reports that break down the complexities of current events. From covering high-profile political shifts and court cases to exploring the latest in economic developments and sporting events, I strive to offer insightful and comprehensive coverage. My stories include in-depth analyses of economic trends, detailed political reports, and human interest pieces that highlight significant global and local events. I am committed to delivering news that informs and fosters a deeper understanding of the issues shaping our world. My goal is to engage readers with well-researched and thought-provoking content

You May Like

United Capital Records N5.24bn Pre-Tax Profit In H1
Business

United Capital Unveils N1bn Children Investment Fund

2025/06/02
SEC Warns Nigerians Against Unregistered Investment Schemes
Business

SEC Urges Vigilance, Education To Combat Ponzi Schemes

2025/06/02
Tenorboy Delivers Stunning Video ‘Oyi’ After Viral Single
Entertainment

Tenorboy Delivers Stunning Video ‘Oyi’ After Viral Single

2025/06/02
Nigerian Men See Women As Less Than Human’, Kate Henshaw Speaks On Systemic Gender Discrimination
Entertainment

Nigerian Men See Women As Less Than Human’, Kate Henshaw Speaks On Systemic Gender Discrimination

2025/06/02
police
News

Sanitation: Police Confirm 1 Dead Kwara’s Community

2025/06/02
Bago
News

Niger Flood Disaster: Arewa Think Tank Condoles With Governor Bago

2025/06/02
Leadership Conference advertisement

LATEST

United Capital Unveils N1bn Children Investment Fund

SEC Urges Vigilance, Education To Combat Ponzi Schemes

Tenorboy Delivers Stunning Video ‘Oyi’ After Viral Single

Nigerian Men See Women As Less Than Human’, Kate Henshaw Speaks On Systemic Gender Discrimination

Sanitation: Police Confirm 1 Dead Kwara’s Community

Niger Flood Disaster: Arewa Think Tank Condoles With Governor Bago

Nigeria: 730 Days Later

Plot To Smear Emir Sanusi II Using AI-Generated Video Uncovered

Oba Adebola Coronated As 6th Olugbagun Of Igbagun Kingdom

NGO Blames Non-implementation Of 2025 Budget For Mokwa Flood

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.