Former President Olusegun Obasanjo has reiterated his long-standing position that Nigeria’s state-owned refineries in Port Harcourt, Warri, and Kaduna are unlikely to become functional again, even as the Nigerian National Petroleum Company Limited continues efforts to secure technical partners for their operation.
Speaking during a televised interview, Obasanjo emphasized that public-private partnerships remain the most effective model for managing large-scale national assets. He cited the success of Nigeria Liquefied Natural Gas as an example, noting its ownership structure of majority private sector participation and minority government stake.
Reflecting on past efforts, Obasanjo revealed that during his presidency, he approached Shell to take over the management of Nigeria’s refineries, either through equity participation or operational control. However, the company declined, citing several concerns.
According to him, Shell explained that its primary profits come from upstream operations rather than downstream refining. Additionally, the firm reportedly considered Nigeria’s refineries too small compared to global standards, poorly maintained, and burdened by systemic inefficiencies and corruption.
Obasanjo also recounted a deal during his administration in which Aliko Dangote offered $750 million to acquire a 51 percent stake in two of the refineries. The agreement was completed, but later reversed by his successor, Umaru Musa Yar’Adua, following pressure from within the national oil company.
He expressed concern over the significant funds spent on refinery rehabilitation over the years, noting that billions of dollars have gone into facilities that remain underperforming.
Meanwhile, the current leadership of NNPC has acknowledged ongoing challenges, stating that despite rehabilitation efforts, the refineries are still operating below international standards and struggle to compete commercially with newer, privately-owned facilities like the Dangote refinery.
Obasanjo maintained that without structural reforms and credible private sector involvement, the refineries are unlikely to deliver sustainable results.
The Osun State Police Command has called on the public to assist in identifying the family of an elderly woman found wandering within the state. In an official notice issued on Monday, the Police Public Relations Officer, Abiodun Ojelabi, revealed that the woman, who identified herself as Shifawu Alabi, is believed to be about 70 years old. She was discovered on April 24, 2026, in a disoriented state and was […]
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