NNPC Refineries Are Beyond Repair – Obasanjo
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In Nigeria, former President Olusegun Obasanjo said the nation’s refineries may never work again, raising concerns about the oil sector.
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He spoke during a television interview on Saturday as the Nigerian National Petroleum Company Limited searches for partners.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The affected plants are in Port Harcourt, Warri, and Kaduna. His remarks come amid ongoing efforts to revive the ageing facilities.
He explained that years of neglect, poor upkeep, and corruption have left the refineries in bad shape. He added that their size falls below global standards, making them less attractive.
He recalled approaching Shell to run the plants, but the company declined. According to him, refining brings lower returns compared to crude oil production.
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He also recounted how Aliko Dangote once offered 750 million dollars for a controlling stake in two refineries.
The deal was accepted at the time but later reversed by Umaru Musa Yar’Adua after pressure from officials. Obasanjo said that decision halted a chance to improve operations.
He warned the assets have since lost much of their value.
He noted that huge funds have been spent on repairs without results, while private projects like the Dangote refinery are advancing.
He maintained that government control has not worked for the sector.
He said a private-led model remains the best path forward. His comments add to the debate on how to fix Nigeria’s struggling refineries.
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