In 2007, the Nigerian National Petroleum Corporation (NNPC) made a controversial decision to reject a $750 million offer from billionaire businessman Aliko Dangote. The offer was for a public-private partnership (PPP) to manage the Port Harcourt and Kaduna refineries, which have long struggled with inefficiency.

Former President Olusegun Obasanjo shared this story during an interview with Channels Television. He explained that Dangote and his team had already invested $750 million into the project. However, the NNPC, now renamed the Nigerian National Petroleum Company Limited (NNPCL), decided to refund the money and claimed they could handle the refineries themselves.

Obasanjo said he disagreed with the decision, knowing the NNPC lacked the expertise to manage the refineries effectively. “I told my successor they couldn’t run the refineries, but he insisted on listening to the NNPC,” Obasanjo said.

Obasanjo served as Nigeria’s President from 1999 to 2007 and previously as the country’s military leader from 1976 to 1979. His revelation has sparked fresh discussions about the challenges facing Nigeria’s oil and gas sector.