Former President Olusegun Obasanjo has ruled out any meaningful revival of Nigeria’s refineries, saying years of poor management, corruption and failed investments have made them incapable of functioning effectively. Speaking during a television interview, he expressed frustration over repeated attempts to revive the refineries, insisting that structural problems have made them unworkable. He pointed to […]

Former President Olusegun Obasanjo has ruled out any meaningful revival of Nigeria’s refineries, saying years of poor management, corruption and failed investments have made them incapable of functioning effectively.

Speaking during a television interview, he expressed frustration over repeated attempts to revive the refineries, insisting that structural problems have made them unworkable.

He pointed to the success of Nigeria LNG Limited as a model, arguing that projects driven by private sector participation tend to perform better than those fully controlled by government.

Obasanjo disclosed that he once invited Shell plc to take over the refineries, but the company declined after assessing operational and financial risks.

According to him, Shell cited low profitability in downstream operations, outdated refinery capacity and poor maintenance practices as key reasons for rejecting the offer.

He also highlighted concerns about corruption within the system, which he said discouraged credible investors from participating.

The former president revealed that Aliko Dangote had previously agreed to invest $750 million for majority control of two refineries, but the agreement was later cancelled.

He blamed the reversal on decisions taken under the administration of Umaru Musa Yar’Adua, which he said undermined progress.

Obasanjo warned that Nigeria lost a strategic opportunity, adding that the current value of the refineries may have dropped significantly.

He further noted that billions of dollars have been spent over time without delivering sustainable results, raising questions about accountability and policy direction.

Despite these concerns, the Nigerian National Petroleum Company Limited is still searching for technical partners to manage the facilities and improve output.

However, doubts continue to grow over whether the refineries can ever meet modern standards or compete with privately owned alternatives.