Former President Olusegun Obasanjo has explained that the sale of two of the nation’s oil oil refineries had been concluded before he exited office in 2007, saying his successor, the late Umaru Yar’Adua, reversed the sale due to “pressure”.
Obasanjo said this in his serialised interview with ‘Book Club’, a programme on Channels Television, monitored in Lagos on Wednesday.
The ex-President said business mogul, Aliko Dangote, leading a consortium of investors, had paid $750m for two of the refineries, as the Federal Government was finding it difficult managing the facilities at the time.
He, however, regretted that instead of the Yar’Adua administration to consolidate on the sale so that the investors could turn around the fortunes of the refineries, his successor succumbed to pressure and reversed the sale of the oil facilities.
Obasanjo equally revealed that not only did his successor canceled the sale, he also refunded the $750m paid by the investors.
He added, “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.”
Obasanjo explained that most people, especially 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. Click to signup for FREE news updates, latest information and hottest gists everyday
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St OBJ thanks for Exposing your mediocrity to Nigerians Imagine u wanting to sale Nigerian refinery to a single Individual - Same way u sold Bakasi to Cameroun......thanks Be to God dat u Failed ur 3rd term Bid otherwise u would have sold NNPC and all federal Govt installations ...... if u dont gv accnt of ur stewardship to nigerians u ll gv it to God... One day.
ReplyDeleteOf course, those who put pressure on Yar'adua to reverse the sale of those refineries are the same people who have frustrated every effort to boost local refining capability. They feared Dangote would actually make the refineries to function. Look at the old Eleme Petrochemicals Ltd. When NNPC ran it, corruption and bureaucracy paralysed it and it hardly operated above 20% capacity if it ever worked. Since the Indians bought it and it became INDORAMA, it has been working consistent at around 100% - sometimes even above 100%. But the thieves who pressurised Yar'adua to reverse the sale of the refineries had been making a fortune importing refined products. Local efficient refineries would have been a disaster for them!
ReplyDeleteObasanjo bought them using Dangote, as front
ReplyDeleteYou guys should understand that sentiment will no longer help our country. Its no longer about who owns what? or who buy which?. Its not about Dangote or obj or you or me.its about our nation. As u can see.....our corrupt mind can hardly handle NNPC and other so call naija owned company....we need investors. Shoprite is blooming...tell me what happened to leventis? Corrupt mind of nigerians who took over the company. Pls ANONYMOUS 8:52 &10:39PM just spare me all this sentiment........we just need to privatize all this company but a good MOU dat will help nigerians and it economy.
ReplyDeleteYou are no longer credible neither do you have integrity. Give reason why people should listen to you. Fela Anikulapo Kuti of blessed memory over!
ReplyDeleteWhat integrity? Please AKIN, just drop all these sentiments. Just like Liberty wrote, it is about Nigeria and all Nigerians, not about any individual. Leadership requires strong and bold decision makers to turn around a 'sick' nation like Nigeria and OBJ is pointing out where some past government has failed I believe including himself when he was there. So you either listen and contribute along that line or stop making sentimental contribution but meaningful one please.
ReplyDeleteWy St OBJ no sale Otta Farm to Dangotte Selfish Mongul. ... Bcause Jonathan Hated what U and your Idiots were doing with SUBSIDY...... U made up ur mind to hate him forever ... U ll reap wat u sow one day.....
ReplyDeleteObj, 8 years was enough to fix Nigerian problems.... Shame on you for trading blames at this time!
ReplyDeleteAnonymous ,you betray your level of exposure ,knowledge and education in your badly worded statements and your evident bad belle.
ReplyDeleteAs Liberty and others have stated,this is about Leaders being able to make and take bold decisions which would benefit the Nation state, Nigeria.Your argument would be better served if you provided us with facts and figures as to how the sale to Dangote wasn't in the best interests of Nigeria.Today,the said Dangote has almost completed his own refinery whilst the relics of NNPC are still not functioning.
For us to progress as a Nation we must be objective ,fairminded and not allow prejudice,sentiment and pettiness becloud better judgement.