The Anti-Corruption and Social Justice Advocacy Bureau (ASCAB), led by renowned human rights lawyer Femi Falana, has disclosed key factors behind the decision by the late President Umaru Musa Yar'Adua to reverse the controversial sale of the Port Harcourt Refinery to the Dangote Group.
In a new statement, ASCAB revealed that President Yar'Adua’s reversal of the sale in 2009 was primarily influenced by concerns over the ownership structure, particularly the involvement of former President Olusegun Obasanjo in the consortium, as well as other unresolved issues related to transparency and national interest.
According to Falana, the investigation revealed that Obasanjo’s undisclosed shares in the consortium involved in the sale raised significant questions about the potential for conflict of interest. The former president’s indirect stake in the deal led to widespread suspicions about the fairness of the transaction, especially when it was reported that the terms of the sale were not fully in the public domain.
“Yar'Adua took decisive action to reverse the deal due to what appeared to be improper motivations and the dubious nature of the transaction,” Falana stated. “The involvement of Obasanjo, whose personal interests were closely tied to the deal, along with the opaque handling of the refinery sale, made it clear that the agreement lacked transparency.”
ASCAB also highlighted other critical factors influencing the reversal, including the impact the sale would have had on the nation’s oil sector. The group emphasized concerns about potential monopolistic control over Nigeria’s oil industry, as well as the risk of job losses and environmental damage resulting from the lack of oversight under the terms of the deal.
The decision was lauded by many Nigerians at the time, especially as it came amid Yar'Adua’s efforts to address corruption within the Nigerian oil sector and increase government oversight in national industries. The Port Harcourt Refinery, which had long struggled with poor maintenance and underperformance, was seen as a critical asset for Nigeria's energy future.