Obasanjo Discloses NNPC Turned Down Dangote’s $750M Offer in 2007

Former President Olusegun Obasanjo has revealed that in 2007, the Nigerian National Petroleum Corporation (NNPC), now known as the Nigerian National Petroleum Company Limited (NNPCL), declined a proposal from billionaire Aliko Dangote. 

Dangote had offered $750 million to manage two major Nigerian refineries under a public-private partnership. Despite the NNPC’s known struggles with efficiently running the refineries, they rejected the offer, and Dangote’s team was refunded by Obasanjo’s successor.

This decision has brought up questions about the NNPC’s decision-making and long-term strategies, especially given Nigeria’s ongoing issues with energy security and refinery efficiency. 

The refineries in question, located in Port Harcourt and Kaduna, have consistently underperformed, contributing to Nigeria’s heavy reliance on imported refined petroleum products. 

Obasanjo, who served as Nigeria’s president from 1999 to 2007 and was the military head of state from 1976 to 1979, discussed these events during an exclusive interview with Channels Television, reigniting debates about the management of Nigeria’s oil and gas sector.