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Now Reading: Why Nigeria’s refineries will never work, Obasanjo give reasons

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Why Nigeria’s refineries will never work, Obasanjo give reasons

September 5, 20235 min read

Obasanjo Lists 4 Reasons Nigeria’s Refineries Will Never Work

  • Nigeria’s four refineries located in Warri, Port Harcourt and Kaduna states, are said to be held down by the federal government
  • Former President Olusegun Obasanjo made this known as he maintained the refineries would never see the light of the day due to the powers that be
  • The elder statesman disclosed further that there is too much corruption in the nation’s refineries hence Shell Oil Company bluntly refused to handle them while he was in power

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Ogun state, Abeokuta – Former President Olusegun Obasanjo has revealed the real reason the four oil refineries in Nigeria will never work.

The four refineries are located in Warri, Port Harcourt and Kaduna states.

Refineries, Former President Olusegun Obasanjo, Bola Tinubu, Shell Oil complany
Obasanjo says there is too much corruption in Nigeria’s refineries. Photo credit: Olusegun Obasanjo

Source: Facebook

Obasanjo said the refineries will never work as long as the government continues to hold onto them, Leadership reported.

The former president who stated this in an interview with TheCable published on Tuesday, September 5, said Shell Oil Development Company turned down his offer for them to run the refineries.

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He disclosed that after much persuasion the managing director of Shell, at the time, listed four reasons why the oil company wouldn’t get involved in running Nigeria’s refineries, including “too much corruption in refineries.”

Recall that President Bola Tinubu last month assured that the petroleum refinery in Port Harcourt will start working by December 2023.

But responding to a question on the state of Nigeria’s refineries in the interview, Obasanjo said,

“They will not work as long as the government is keeping hold of them. When I was president, I invited Shell to a meeting. I told them I wanted to hand over the refineries for them to help us run. They bluntly told me they would not. I was shocked.”

Speaking further, Obasanjo listed the four reasons the refineries will never work according to Shell;

“I repeated the request and they stood their ground. When the meeting was over, I asked their big man (MD) to wait behind for a little chat. Then I asked him why they were so hesitant on not taking over the refineries. He said did I want to hear the truth? I said yes. He listed four reasons.

  1. One, he said Shell makes its money from upstream and that is where its interest lies.
  2. Two, he said they only do downstream or retail as a matter of service.
  3. Three, he said our refineries would be bad business for them, and that globally, companies are going for bigger refineries because of the economics of refineries.
  4. Fourth, he said there is too much corruption in refineries.

Obasanjo finally speaks on $6bn Mambilla power contract

Nigeria’s former president, Olusegun Obasanjo, says he never approved the award of the controversial $6 billion contract to Sunrise Power and Transmission Ltd regarding the Mambilla Hydropower Project in 2003.

Obasanjo said this in an interview excerpt published by TheCable on Sunday, September 3.

Legit.ng gathers that the former president challenged Olu Agunloye, the former minister of power and steel, to tell Nigerians where he derived the authority to award the $6 billion contract.

Minister of Petroleum Resources says Port Harcourt Refinery to be ready December

The Minister of Petroleum Resources, Heineken Lokpobiri, revealed on Friday, August 25, 2023, that the four refineries will be ready before the end of the year.

He said the Port Harcourt Refinery will start pumping products by December 2023.

Lokpobiri, sworn in last week as Nigeria’s Petroleum Minister, said during a visit to the Port Harcourt refinery that the facility is ready to start pumping refined petroleum products.

Source: Legit.ng

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Precious Etim

My name is Precious Etim. I believe that everything happens for a reason. People change so that you can learn to let go, things go wrong so that you appreciate them when they’re right, you believe lies so you eventually learn to trust no one but yourself, and sometimes good things fall apart so better.

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