Obasanjo Reveals Dangote's 2007 Offer to Manage Refineries

Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) declined a $750 million offer from billionaire businessman Aliko Dangote to manage the Port Harcourt and Kaduna refineries in 2007.

Speaking during an exclusive interview with Channels Television, Obasanjo explained that Dangote’s proposal involved a Public–Private Partnership (PPP) arrangement aimed at improving refinery operations.

“Aliko got a team together, and they paid $750 million to take part in a PPP to run the refineries,” Obasanjo shared during the interview.

He noted that the funds were later refunded, adding that he discussed the situation with his successor to highlight the potential benefits of the proposal.

Obasanjo, who served as Nigeria's president from May 1999 to May 2007 and as military head of state from February 1976 to October 1979, reflected on the challenges of managing the country’s refinery infrastructure.