Obasanjo Declares NNPC Refineries Will Never Operate Again

In a recent television interview, former President Olusegun Obasanjo asserted that the Nigerian National Petroleum Corporation (NNPC) refineries will never function again. He highlighted the unsuccessful attempts to engage Shell as a technical partner, noting their reluctance to invest due to profitability concerns in downstream operations.

Obasanjo recalled an offer from Aliko Dangote, who proposed $750 million for a 51% stake in the two refineries, which was later reversed by the administration of Umar Yar'Adua. He criticized the NNPC's management and maintenance practices, labeling them as corrupt and ineffective.

Obasanjo mentioned that the NNPC has spent $16 billion on the refineries, which are currently not operational and fail to meet international standards. The NNPC has set a new target to finalize the selection of a technical partner by June 2026, despite previous rehabilitation efforts for the Port Harcourt and Warri refineries, which are expected to remain uncompetitive compared to privately owned facilities like Dangote's refinery.