VIDEO: Obasanjo Reveals How NNPC Rejected Dangote’s $750M Offer to Manage Nigeria’s Refineries

Former President Olusegun Obasanjo discloses in a viral video that NNPC turned down Dangote’s $750 million proposal to manage Nigeria’s refineries. Watch and learn the details!

Former President Olusegun Obasanjo recalled that in 2007, the Nigerian National Petroleum Corporation (NNPC) turned down a $750 million proposal from billionaire entrepreneur Aliko Dangote to oversee the Port Harcourt and Kaduna refineries.

During an exclusive interview with Channels Television, Obasanjo stated this.

He stated that despite being rebranded as the Nigerian National Petroleum Company Limited (NNPCL), NNPC was aware of its inability to operate the national refineries but still turned down Dangote’s proposal.

Obasanjo mentioned that Aliko assembled a team and invested $750 million to participate in a Public–Private Partnership for managing the refineries. However, his successor returned their investment. Obasanjo recounted informing his successor about these events, only to hear that NNPC had expressed interest in handling the refineries themselves. He responded by noting that they were not capable of doing so effectively.

Obasanjo served as Nigeria’s democratically elected President from May 1999 to May 2007. Prior to this, he held the position of military head of state in Nigeria from February 1976 until October 1979.