Human rights lawyer Femi Falana has revealed the reason former President Umaru Yar’Adua did not sell the Port Harcourt refinery to a consortium led by Dangote.

Falana said the reversal was a pivotal step to address the legal and ethical breaches surrounding the transaction and to protect Nigeria’s national interest.

The senior lawyer, in a statement, explained that under the Privatisation and Commercialisation Act, the Vice President is the chairman of the National Council on Privatisation, NCP, the body responsible for overseeing the privatisation of public enterprises.

Falana, however, alleged that former President Olusegun Obasanjo bypassed this legal requirement by sidelining then-Vice President Atiku Abubakar and directly managing the privatisation of several state-owned enterprises.

“On May 17, 2007, President Obasanjo sold a 51 per cent stake in the Port Harcourt refinery to Bluestar Oil for US$561 million. In another transaction that took place on May 28, 2007, President Obasanjo sold 51 per cent shares in Kaduna Refinery to Bluestar Oil for $160 million,” Falana revealed.

The human rights activist stressed that the deals drew sharp 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.

According to him, the unions raised concerns over due process and alleged that the country had been shortchanged.

He further explained that they also alleged that the nation had been shortchanged as the shares acquired in the Port Harcourt refinery for $516 million were worth $5 billion.

“It is on record that the cancellation of the privatisation was not challenged in any court as it was carried out contrary to the letter and spirit of the Privatisation and Commercialisation Act,” Falana stated.

He further commended the role of NUPENG and PENGASSAN in advocating for national interest and called on them to remain vigilant amid renewed calls for the privatisation of Nigeria’s refineries.

Falana’s statement emphasised the ongoing debate over privatisation in Nigeria, with advocates stressing the need for transparency and due process in managing the country’s public assets.

Falana, however, alleged that former President Olusegun Obasanjo bypassed this legal requirement by sidelining then-Vice President Atiku Abubakar and directly managing the privatisation of several state-owned enterprises.

“On May 17, 2007, President Obasanjo sold a 51 per cent stake in the Port Harcourt refinery to Bluestar Oil for US$561 million. In another transaction that took place on May 28, 2007, President Obasanjo sold 51 per cent shares in Kaduna Refinery to Bluestar Oil for $160 million,” Falana revealed.

He further explained that they also alleged that the nation had been shortchanged as the shares acquired in the Port Harcourt refinery for $516 million were worth $5 billion.

Islie:



https://dailypost.ng/2025/01/03/falana-reveals-reason-yaradua-cancelled-sale-of-port-harcourt-refinery-to-dangote/

Nlfpmod

olaiya2007:
Yaradua would have transformed this country if not for death

SmartPolician:
If death hadn't snatched Yar'adua from this country, that man would've transformed this country. May his soul rest in perfect peace, amen. 🙏

Bobodee09:
Always maintain my stand that Obasanjo is the worst civilian president we ever seen but people who were babies when he was president only praise.