A group chaired by human rights lawyer Femi Falana (SAN) revealed that late President Umaru Musa Yar'Adua canceled the sale of the Port Harcourt Refinery to a consortium led by Dangote Oil, deeming the deal detrimental to the nation. The sale, initiated by former President Olusegun Obasanjo, involved a 51% stake in the refinery sold to Bluestar Oil for $561 million. Bluestar Oil, according to Falana, comprised Dangote Oil, Zenon Oil, and Transcorp. Concerns were raised about potential conflicts of interest as Obasanjo reportedly acquired large shares in Transcorp through a 'blind trust' and bypassed then-Vice President Atiku Abubakar in managing the privatization process.
Group chaired by human rights lawyer, Femi Falana , has revealed that the late President Umaru Musa Yar'Adua nullified the controversial sale of the Port Harcourt Refinery to a consortium led by Dangote Oil , after finding out that the deal was not in the nation's best interest. The Alliance on Surviving Covid-19 and Beyond , in a statement on Friday, noted that former President Olusegun Obasanjo had sold a 51% stake in the Port Harcourt Refinery to Bluestar Oil for $561 million.
Falana said on May 17, 2007, President Obasanjo sold a 51% stake in the Port Harcourt refinery to Bluestar Oil for US$561 million. He explained that in another transaction that took place on May 28, 2007, President Obasanjo sold 51% shares in Kaduna Refinery to Bluestar Oil for $160 million.
Dangote Oil Port Harcourt Refinery Privatisation Umaru Musa Yar'adua Olusegun Obasanjo
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