Former President Olusegun Obasanjo has revealed that his successor, late Umaru Musa Yar’Adua, admitted that the Nigerian National Petroleum Company Limited lacked the capacity to efficiently run the country’s refineries, but still went ahead to cancel their proposed $750 million sale to Aliko Dangote due to mounting political pressure.

Speaking in a recent interview, Obasanjo said the decision to halt the sale of the refineries was not based on technical or economic reasoning, but rather external influence. According to him, Yar’Adua privately acknowledged the limitations of NNPC in managing the facilities, yet bowed to pressure from stakeholders who opposed the privatization move.

The former president’s comments have reignited debate around Nigeria’s long-standing refinery challenges and missed opportunities for reform. Analysts say the halted deal could have significantly altered the trajectory of the country’s downstream oil sector if it had been allowed to proceed.

Reports from outlets such as Punch Newspapers and Premium Times have previously highlighted the persistent inefficiencies within the state-owned refineries and the repeated failures to revive them despite huge investments over the years.

The issue has also drawn fresh attention following the eventual emergence of privately driven solutions like the Dangote Refinery, which many experts believe underscores what could have been achieved earlier through similar initiatives.

Obasanjo’s remarks add another layer to the ongoing discourse about governance, political interference, and economic decision-making in Nigeria’s oil sector, raising questions about whether past decisions continue to shape the country’s current energy realities.