Former President Olusegun Obasanjo has expressed his belief that the four oil refineries in Nigeria will never function as long as the government maintains control over them. These refineries are located in Warri, Port Harcourt, and Kaduna states.
Obasanjo made these comments in an interview with The Cable Online Newspaper, where he revealed that he had once offered Shell Oil Development Company the opportunity to run the refineries, but the company declined. The former president stated that the managing director of Shell listed four reasons for their refusal, including the prevalence of corruption in the refineries.
President Bola Tinubu had previously assured that the Port Harcourt refinery would commence production by December 2023 after undergoing rehabilitation. However, Obasanjo expressed skepticism about the prospects of the refineries working and cited his own experience in attempting to involve Shell in their management during his presidency.
He also shared an earlier attempt to privatize part of the refineries through Aliko Dangote and Femi Otedola, who offered to purchase a 51% stake in the Port Harcourt and Kaduna refineries for $761 million, but the sale was canceled by President Umaru Yar’Adua.
In light of these challenges, Obasanjo expressed doubt about the refineries’ ability to function effectively in the near future.