Former President Olusegun Obasanjo revealed Shell’s refusal to invest in Nigerian refineries, citing corruption and poor maintenance. Obasanjo criticized the ongoing failures in state-owned refineries and expressed concerns about potential sabotage against Aliko Dangote’s refinery.
Former Nigerian President Olusegun Obasanjo recently disclosed that Shell refrained from investing in Nigeria's refineries due to rampant corruption and poor maintenance practices. In an interview with the Financial Times, Obasanjo recounted his efforts to involve Shell in the country's refining sector, noting that the oil giant declined participation, citing the "mess" created by inadequate oversight and corruption in the management of state-owned refineries.
Obasanjo expressed skepticism regarding the frequent promises of refurbishing the refineries, highlighting the consistent failure to meet deadlines. For instance, Mele Kyari, CEO of Nigerian National Petroleum Company (NNPC), had initially promised the refineries would begin operations by the end of March, a deadline that was missed. Kyari has since revised the timeline, expecting the Port Harcourt refinery to commence production in early August, while the Kaduna refinery may not operationalize before December.
Additionally, Obasanjo voiced concerns about potential sabotage aimed at the Dangote Petroleum Refinery, suggesting that vested interests in Nigeria's fuel importation sector might undermine the refinery's success. The Dangote refinery, led by Aliko Dangote, has faced controversies, including disputes with International Oil Companies (IOCs) and regulatory accusations of monopolistic behavior. President Bola Ahmed Tinubu has intervened, directing NNPC to supply crude oil to local refineries, including Dangote’s, in Nigerian Naira to mitigate these challenges.
