Former President Olusegun Obasanjo yesterday expressed regrets over the sale of two of the nation’s oil refineries, which was concluded before he exited office in 2007, but was reversed by his successor, the late President Umaru Musa Yar’Adua because he succumbed to pressure.

Obasanjo said this in an interview on Channels Television yesterday.
The former president said business mogul, Aliko Dangote, leading a consortium of investors, had paid $750 million for two of the refineries, as the federal government considered it difficult managing the plants at the time.
He explained that instead of Yar’Adua consolidating on the sale so that the investors could revamp the refineries, his successor succumbed to pressure and reversed their sale.

Obasanjo recalled that not only did his successor cancel the sale, he also refunded the $750 million paid by Dangote and other investors.
“The refineries are old and Dangote and some investors paid $750 million for two of the refineries. My successor came to office and reversed the sale. He even refunded the money they paid.
“So I went to him and asked him why he did this. He said it was because of pressure. So I wondered if the pressure by some people was more important than the interest of the whole nation,” he elaborated during the interview.

Obasanjo expressed regrets that Nigeria will hardly be able to sell the refineries for more than $250 million today because they are obsolete.

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http://monitor9ja.com/2015/07/obasanjo-yaradua-regrettably-reversed-sale-of-refineries/

Hmmm,obj again.