Former President Olusegun Obasanjo has declared that Nigeria’s state-owned refineries may never function properly again, blaming corruption, poor maintenance, and years of inefficiency.
Speaking during a televised interview, Obasanjo said he had long warned that the refineries in Port Harcourt, Warri, and Kaduna would continue to fail under government management.
He revealed that while in office, he approached Shell to take over operations, but the company declined, citing low profitability in downstream operations, the small size of the refineries, poor maintenance standards, and corruption concerns.
Obasanjo also disclosed that businessman Aliko Dangote once offered $750 million to acquire 51 percent of two refineries, but the deal was later reversed by the administration of late President Umaru Musa Yar’Adua after pressure from the NNPC.
According to Obasanjo, about $16 billion has since been spent on refinery rehabilitation without meaningful results. He noted that the money is close to what Dangote used to build the Dangote Refinery, now regarded as Africa’s largest refinery.
The Nigerian National Petroleum Company Limited recently said it hopes to secure technical partners for the refineries by June 2026, admitting the facilities are operating below global standards.
