Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC), now the Nigerian National Petroleum Company Limited (NNPCL), turned down a $750 million proposal by billionaire Aliko Dangote to manage two of Nigeria’s major refineries.

Obasanjo revealed this during an exclusive interview with Channels Television, highlighting the NNPC's decision to reject the public-private partnership (PPP) offer despite its recognised inability to run the refineries efficiently.

“Aliko got a team together and they paid $750m to take part in PPP in running the refineries. My successor refunded their money,” Obasanjo said.

He further recounted his conversation with his successor, in which he questioned the rationale behind the refund, especially given the NNPC’s operational limitations.

“I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it,” Obasanjo added.

The refineries in question, located in Port Harcourt and Kaduna, have long been plagued by inefficiencies and underperformance, contributing to Nigeria’s reliance on imported refined petroleum products.

Obasanjo served as Nigeria’s president from 1999 to 2007 and previously as the country’s military head of state from 1976 to 1979.

His comments reignite debates about missed opportunities in the management of Nigeria’s oil and gas sector.

This revelation raises fresh questions about the decision-making processes and long-term strategies of the NNPC at a time when the nation struggles with energy security and refinery efficiency challenges.