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Why Yar’Adua Reversed Port Harcourt Refinery Sale to Dangote – Falana
- Obasanjo bypassed legal protocols in refinery privatisation, excluding VP Atiku.
- Port Harcourt refinery sold for $561M, later valued at $5B, sparking criticism.
- Yar’Adua reversed the sale to protect Nigeria’s national interest.
EKO HOT BLOG reports that Falana described the reversal as a critical move to address the legal and ethical violations associated with the transaction and to safeguard Nigeria’s national interest.
In a statement, the senior lawyer explained that under the Privatisation and Commercialisation Act, the Vice President chairs the National Council on Privatisation (NCP), the body responsible for supervising the privatisation of public enterprises. However, Falana alleged that former President Olusegun Obasanjo bypassed this legal framework by sidelining then-Vice President Atiku Abubakar and personally managing the privatisation process for several state-owned enterprises.
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“On May 17, 2007, President Obasanjo sold a 51% stake in the Port Harcourt refinery to Bluestar Oil for $561 million. Similarly, on May 28, 2007, he sold 51% of the Kaduna Refinery shares to the same company for $160 million,” Falana revealed.
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The deals, Falana noted, were met with widespread criticism from key stakeholders, including the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). These unions alleged that the transactions lacked due process and resulted in the nation being shortchanged.
“The shares in the Port Harcourt refinery, sold for $561 million, were later valued at $5 billion, highlighting significant undervaluation,” Falana stated.
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He pointed out that the cancellation of the privatisation was unchallenged in court, as it contravened the Privatisation and Commercialisation Act. Falana commended NUPENG and PENGASSAN for their advocacy in protecting national assets and urged them to remain vigilant amid renewed discussions on privatising Nigeria’s refineries.
Falana’s remarks show the broader debate on privatisation in Nigeria, with calls for greater transparency and adherence to due process in managing the country’s public assets.
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