Obasanjo Doubts Nigeria's Refineries Will Ever Function Again

In a recent televised interview, former President Olusegun Obasanjo cast doubt on the future functionality of Nigeria's state-owned refineries, stating they will never work again despite ongoing efforts to revive them. He emphasized that government-run projects in Nigeria often struggle, while partnerships with the private sector tend to succeed, as demonstrated by the Nigeria Liquefied Natural Gas (NLNG) model.

Obasanjo noted that previous attempts to fix the refineries have failed over the years, attributing this to poor maintenance, corruption, and the small size of the refineries. He recounted an instance where businessman Aliko Dangote agreed to acquire a major stake in two refineries during his administration, but the deal was reversed by his successor, Umar Musa Yar'Adua, under pressure from officials within the NNPC.

Obasanjo criticized the substantial funds spent on rehabilitation, amounting to $16 billion, which he claims yielded far less value than expected. Current NNPC Group Chief Executive Officer Bayo Ojulari acknowledged the poor condition of the refineries, which operate below global standards.