Human rights lawyer Busola AroFemi Falana claims that former President Umaru Yar’Adua blocked Aliko Dangote's $750 million offer to manage the Port Harcourt and Kaduna refineries in 2007 because his predecessor, Olusegun Obasanjo, didn't follow proper procedures during the sale. Falana alleges that Obasanjo sold a 51 percent stake in the Port Harcourt refinery to Bluestar Oil for $561 million and the Kaduna refinery for $160 million, bypassing the National Council on Privatisation (NCP) and disregarding concerns from unions and interest groups.
Busola AroFemi Falana, a human rights lawyer, says former President Umaru Yar’Adua rejected the sale of the Port Harcourt and Kaduna refineries to a consortium led by Dangote Oil because his predecessor, Olusegun Obasanjo , did not follow due process when he offered to sell the national asset.a $750 million offer from Aliko Dangote , chairman of Dangote Group, to manage the Port Harcourt and Kaduna refineries in 2007.
However, in a statement on Friday, Falana said Obasanjo had sold a 51 percent stake in the Port Harcourt refinery to Bluestar Oil for $561 million.According to Falana, Bluestar Oil was a consortium comprising Dangote Oil, Zenon Oil, and Transcorp. “Under the Privatisation and Commercialisation Act, the Vice President is the chairman of the National Council on Privatisation , a body that is charged with overseeing the privatisation and commercialisation of public enterprises,” Falana said.“In utter breach of the Act, President Olusegun Obasanjo sidelined Vice President Atiku Abubakar and took over the privatisation of a number of public enterprises.
“They also alleged that the nation had been shortchanged as the shares acquired in the Port Harcourt refinery for $516 million were worth US$5 billion.Falana said the deal was not in national interest, leading to the unions embarking on a four-day strike.“Convinced that the deals were not in the national interest, both unions proceeded on a 4-day strike that almost paralysed the Nigerian economy in June 2007.
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