Toba Owojaiye reporting
Former President Olusegun Obasanjo has asserted that Nigeria’s four oil refineries are destined for failure. These refineries are situated in Warri, Port Harcourt, and Kaduna states. Obasanjo contends that as long as the government retains control over them, they will never succeed.
The former president revealed that he had offered Shell Oil Development Company the opportunity to operate these refineries, but Shell declined. He disclosed that the managing director of Shell, at the time, cited four reasons why the company refused involvement, including “excessive corruption in refineries.”
It’s worth noting that President Bola Tinubu recently assured that the Port Harcourt petroleum refinery would commence operations by December 2023, but Obasanjo remains skeptical of this claim.
Regarding the power sector, Obasanjo emphasized that achieving success in this sector requires addressing all fundamental issues. He highlighted that in 2006, Nigeria ordered 42 turbines with the goal of achieving 10,000 megawatts of power by 2007.