NEWS
“One day, Aliko came and offered $750 million to take two of the refineries… I said, ‘Look, you know that NNPC cannot run this thing, Bring the Money Quick’” — Olusegun Obasanjo Opens Up on Refinery Deal Controversy
Former President Olusegun Obasanjo has opened up on a pivotal moment in Nigeria’s oil sector history, shedding light on negotiations involving indigenous billionaire Aliko Dangote and the controversial handling of refinery privatization efforts.
Speaking during an interview on News Central TV, Obasanjo revisited decisions made during his administration concerning Nigeria’s struggling refineries and efforts to bring in private sector participation to revamp the sector.
The former president recounted a significant episode in which Dangote made a substantial financial offer to acquire stakes in two of Nigeria’s refineries. According to Obasanjo, the proposal involved a strategic arrangement where Dangote would take a majority shareholding, while the government retained a stake, an initiative he described as a promising solution to the inefficiencies plaguing the refineries.
He explained that the agreement was successfully concluded under his administration, with payments reportedly made by Dangote.
However, Obasanjo expressed concern that after he left office, the arrangement was revisited and ultimately reversed following fresh consultations involving the Nigerian National Petroleum Corporation (NNPC).
Obasanjo further disclosed that he personally sought clarification from his successor, late President Umaru Musa Yar’Adua, regarding the decision to alter the agreement. The interaction, he suggested, raised deeper questions about institutional influence and the capacity of government agencies to manage critical national assets effectively.
According to him, “One day, Aliko came and offered $750 million to take two of the refineries, and that will be 51% and government… I said, ‘Wow, God, you are really God of miracles.
“Aliko, bring the money quick.’ He brought the money, and they paid. When I left, NNPC went to my successor and convinced him, and you say that I don’t talk and you don’t talk. You think I’m a fool like you talk. So I got up; I went to Umaru. I said, “Look, Umaru, maybe you don’t know; this is why we did what we did.” He said, “Well, NNPC came to me.” I said, “Look, you know that NNPC cannot run this thing.”
The remarks have reignited conversations around Nigeria’s long-standing refinery challenges, the role of government institutions in managing national resources, and the missed opportunities for early private sector intervention in the oil and gas industry.
Analysts say Obasanjo’s revelations provide a rare insider perspective into high-level policy decisions that continue to shape Nigeria’s energy landscape, particularly as the country grapples with refining capacity issues and increasing reliance on private investments in the downstream sector.