NNPC refineries may never work again – Dangote
Aliko Dangote, President of the Dangote Group, has expressed skepticism about the functionality of Nigeria’s government-owned refineries in Port Harcourt, Warri, and Kaduna, despite over $18 billion reportedly spent on their rehabilitation. Speaking during a visit by Global CEO Africa to the Dangote Refinery, he revealed that he initially bought the refineries with other investors in 2007, but the deal was reversed by the late President Umar Musa Yar’Adua’s administration.
Dangote said the refineries were producing 22% of PMS at the time but have remained non-functional since being returned to government control. He likened ongoing rehabilitation efforts to trying to modernize a 40-year-old car, saying it’s unlikely they’ll ever work again.
“The refineries we bought before, which were owned by Nigeria, were producing about 22 per cent of PMS. We bought them in January 2007 but had to return them due to a change in government. The managing director at that time convinced Yar’Adua that the refineries would work,” he said.
“As of today, they have spent about $18 billion on those refineries, and they are still not working. I doubt very much if they will ever work,” he added.
