How Yar’Adua Stopped Dangote From Buying Nigeria’s Refineries – Obasanjo


Former president Chief Olusegun Obasanjo has revealed that Nigeria’s refineries might have been sold to Africa’s richest man Aliko Dangote many years ago.

Former president speaking on a Channels program narrated how his successor, the late President Umaru Yar’Adua was forced to reverse the sale of Nigeria’s oil refineries which he had completed before leaving office in 2007.

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Obasanjo said: “The refineries are old and Dangote and some investors paid $750m for two of the refineries. My successor came to office and reversed the sale; he even refunded the money they paid.

“So, I went to him and said ‘why did you do this’? He said it was because of pressure. So, I said ‘so the pressure of some people was more important than the interest of the whole nation’!

“Right now, you will hardly be able to sell the refineries for more than $250m because they are very old”.

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Obasanjo clarified that most people, particularly leaders, failed to analyse the decisions of those before them before upturning those decisions, pointing out that most leaders yielded to sentiment than informed opinions.

It should be noted that Dangote has repeated his desire to buy English club Arsenal. The Nigerian billionaire failed in a bid to acquire a stake in the club in 2010 but is now worth nearly eight times as much, at £11.5bn.

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