Former President Olusegun Obasanjo has stated that he sold 51 percent stakes in the Port Harcourt and Kaduna refineries to Aliko Dangote because he believed it was the best way to make the refineries work efficiently. He said the Nigerian National Petroleum Corporation was not managing the refineries properly, and he wanted a private investor to improve their performance
In an interview with News Central TV, Obasanjo said Dangote approached him with an offer of $750 million to take a majority stake in the two refineries. He stated that he accepted the offer immediately. He said Dangote paid the money and the deal was completed before he left office as president
Obasanjo said after he left power, his successor, late President Umaru Musa Yar’Adua, was convinced by officials of the NNPC to reverse the sale and the money was refunded to Dangote. He said Yar’Adua later admitted that he made that decision under pressure, even though he believed it was not the right thing to do.
In Obasanjo’s words: “One day Aliko came and offered $750 million dollars to take two of the refineries. That will be 51 percent. I said, ‘Wow, God you are really God of miracle. Aliko bring the money quick’. He brought the money and he paid….See More
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