The unravelling, step by step

3 months ago 50

By Guardian Nigeria

02 August 2024 | 1:53 am

The antagonism to Aliko Dangote in his rescue efforts for a nation that produces oil but prefers to import fuel, alias PMS, premium motor spirit, and diesel for her domestic use whether in industries or to drive public utilities

According to an allusion partially to this in his three-volume book, My Watch, Obasanjo made an attempt to sell off two of the refineries, but vested interests that preferred importation hiding under the bogey of the need to protect national patrimony, thwarted the efforts. The refineries were sold, but his unwary successor reversed the sale and returned the money to the buyers—Aliko Dangote and Femi Otedola. In Obasanjo’s words not long ago:

“When I was president, I invited Shell to a meeting. I told them I wanted to hand over the refineries for them to help us run. They bluntly told me they would not. I was shocked. I repeated the request and they stood their ground. When the meeting was over, I asked their big man (MD) to wait behind for a chat. Then I asked him why they were so hesitant about not taking over the refineries. He said did I want to hear the truth? I said yes. He listed four reasons. One, he said Shell makes its money from upstream and that is where its interest lies. Two, he said they only do downstream or retail as a matter of service. Three, he said our refineries would be bad business for them, that globally, companies are going for bigger refineries because of the economics of refineries. Four, he said there is too much corruption in refineries. I thanked him for his honesty. I knew we had a big problem in our hands.

“I had virtually given up hope on the refineries when God did a miracle. Aliko Dangote and Femi Otedola approached me and said they would be interested in buying 51 per cent stake in Port Harcourt and Kaduna. I was over the moon. I said finally, this burden would be taken off the neck of the government. They offered $761 million and paid in two installments. Unfortunately, Umaru (President Yar’Adua) cancelled the sale and returned the refineries to NNPC. Today, we are still where we were. Someone told me Tinubu said the refineries would work by December. I told the person the refineries would not work. This is based on the information I received from Shell when I was President.”

The refineries have not worked in about 17 years, at least since Obasanjo left office. As I said last week, all manner of transgressions are drawn up against the private initiative by Aliko Dangote to establish a gigantic refinery which promises to be the biggest in the world with installed capacity of 650, 000 barrels a day. It is such fixation on the alleged peccadilloes of Dangote as an extra-ordinary entrepreneur, thus the mote on his eyes and a glossing over the beam in the eyes of the managers of public refineries. Humongous sum, put in trillions, has been sunk into them but they have not produced any result! The managers prefer importation with attendant subsidy and its concommittant buttered bread!

The country has been dependent on imported fuel, resulting in intermittent scarcity and disruption of daily economic activities. There is currently fuel scarcity in some major cities of the country, specifically Abuja and Lagos. Most fuel filling stations have run dry of their supplies. Where fuel was available as of Tuesday it was being rationed. There are long queues in many places and road blockades customarily as features of such scarcity.

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