Former President Olusegun Obasanjo disclosed that his successor, Umaru Musa Yar'Adua, declined a $750 million proposal from Aliko Dangote to operate the Port Harcourt and Kaduna refineries in 2007. Obasanjo stated that while the Nigerian National Petroleum Company (NNPC) Limited acknowledged its limitations in managing the refineries, it insisted on taking control. He emphasized that Dangote's team had prepared a $750 million Public–Private Partnership (PPP) offer, but the government opted to manage the refineries independently.
Busola AroFormer President Olusegun Obasanjo has revealed his successor, Umaru Musa Yar’Adua, rejected a $750 million offer from Aliko Dangote , chairman of Dangote Group, to manage the Port Harcourt and Kaduna refineries in 2007.
“When I was president, I wanted to do something about the three refineries we have: Port Harcourt, Warri, and Kaduna. Aliko got a team together after I asked Shell to come and run it for us. And Shell said they wouldn’t,” Obasanjo said. “He said, first of all, they make a major profit from upstream, not from downstream. He said they run downstream just to keep their head above water.“Two, our refineries were too small: 60,000 barrels, 100,000 barrels and I think 120,000 barrels. He said that at that time, the average refinery was going for 250,000 barrels.
“After that, Aliko got a team together and they paid $750m to take part in PPP in running the refineries.Advertisement
Dangote Refineries Obasanjo Yar'adua NNPC
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bandits Attack Yar Tasha Village, Kill 13 in Zamfara StateBandits attacked Yar Tasha village in Zamfara State, killing 13 people. The attack was followed by a suspected explosion that killed a commercial driver and his passengers. This is reportedly the second time in a week that bandits have planted an explosive device along the same road.
Read more »
Dangote Group Denies Refineries Liquidity Challenges Amid $1 Billion Loan Dispute with NNPCLDangote Group and NNPCL clash over a $1 billion loan, with Dangote Group refuting claims of refinery liquidity issues.
Read more »
Dangote Reveals NNPC's $1 Billion Payment & Refinery OperationsAliko Dangote, chairman of Dangote Industries Limited, clarifies the circumstances surrounding a $1 billion payment from the Nigerian National Petroleum Company (NNPC) for his company's refinery project. He states that the payment, a fraction of the total $20 billion investment, was intended as an upfront cash contribution with a balance to be paid in crude supplies. Dangote also explains the refinery's decision to reduce the ex-depot petrol price to N899.50, citing market realities and the need to protect investments.
Read more »
Real reason fuel price was reduced to N899/litre — DangotePresident of Dangote Group, Aliko Dangote, has explained that the reduction in the price of petrol from his refinery was in response to market forces. Africa's richest man disclosed this during an interview in an Arise TV documentary posted on YouTube and obtained by our correspondent on Wednesday.
Read more »
Dangote Refinery Restart and Minimum Wage Increase Offer Glimmer of Hope Amidst Economic Hardship in NigeriaThe start of domestic production of petroleum products by the Dangote Refinery, coupled with the restart of the Port Harcourt and Warri Refineries, provides a ray of hope for Nigerians who endured economic challenges throughout 2024. Despite President Bola Ahmed Tinubu's economic reforms, the lingering effects of fuel subsidy removal, naira devaluation, and soaring inflation rates led to increased cost of living. However, the commencement of petrol production at the Dangote Refinery and the resumption of operations at the other refineries boosted Nigeria's GDP growth and offered a positive economic development. A minimum wage increase also provided some relief for the struggling population.
Read more »
Dangote Refinery partners MRS to sell petrol at N935 per litre“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre,” Mr Dangote said.
Read more »