NewStats: 3,263,955 , 8,182,082 topics. Date: Monday, 09 June 2025 at 03:33 AM 3wpv

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, N, the body responsible for overseeing the privatisation of public enterprises.

Falana, however, alleged that former President Olusegun Obasanjo byed 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.

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

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. 🙏

Yaradua would have transformed this country if not for death

Obasanjo remains the most corrupt president in Nigeria’s history. All his dirty deals must be exposed and he must enter his grave in disgrace.

1:

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

2:

“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.

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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.

Yet, our ears are filled with the "cabal this, cabal that" rhetorics.


Who are the cabals now


If not for the late blessed Yar'Adua, NUPENG & PENGASSAN, Obasanjo would've turn milking the refinery as retirement plan.

The corrupt dude was busy selling & sharing our National asset at cheap dirt price for his own future ROI.

Islie:



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

Nlfpmod

Truth about the whole refinery is gradually coming out. I would expect Obj to come and defend this allegation.

Who are we going to believe now?

Nigeria is a cesspit of corruption. In fact a soakaway. If not explain how suddenly moribound refineries got back to life.
Now thay Dangote built his those corrupt clowns saw need to remodel their corruption. Thru exorbitant prices from these refineries they're looting us dry.

Till tomorrow, the oil sector is the most corrupt and dubious and scandalous organisation that's making this country a fantastically corrupt country.

The best would've been privatisation of the refineries and having Atikubas the head of the N after Obasanjo must have realised the snake in him would've been a disaster.

The shares sold to Blusters was in the federal coffer so Falanas should not come here to defend a corrupt Atiku.

We need to hear from OBJ.

This gbasgbos is not suitable for this time of the year, it should cone towards the ending of the year.
Let's see who the saint is...... Polithievians are same but one is still a friendly devil

Umar Yar'Adua was truly a legend, death was not kind to Nigerians by taking him away too soon, even in a short period as a president his results still speak years after

The same Angel Obasanjo going about with fake holiness.
Wicked man. Use our money do Otta farm for his personal self.

That's one of the worst actions ever taken by a Nigerian President. He cancelled it and brought back subsidy to appease Nigerians for the flawed election process that brought him to power. Yar'adua made many mistakes as a President but his most successful move was the Niger Delta amnesty program.

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

the same way he transform Katsina state. Abeg make people allow the man to rest.

Since the refineries were not sold and the sales were canceled, are they better now?

Have they not spent tripple of that amount of state money on the so called turn around maintenance without a drop of fuel?

Even if OBJ sold them for 1k each and the refineries are managed well by private companies, I am not sure we will be where we are now.

It's now obvious why the refineries were being sabotaged all these years till same dangote completed his.

....
Obj would have fought and antagonized Yar'Adua if he stayed alive to complete his tenure cos they would always be at loggerhead

NB.
I'm having a very terrible weekend already. I simply want to ask if anyone can kindly assist me with some amounts to good foodstuffs. This is a very humble request 🙏

Old fool.
He thinks he own the nation.

See as Tinubu dey make everyone of them to shalaye because of refineries. Jagaban is the most prepared, courageous and boldest president in the history of Nigeria.

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

He laid foundation for every corruption we are witnessing today under civilian rule yet this man will be parading himself as saint.

Which president sells a govt establishment like the refineries just 2 days to leaving office?? Haaa

So it's been long the North wants to hand my people's Oil over to a Northerner.

And the old devil keeps parading himself and a saint and savior to the Nigerian people . We are just stupid the fact that this man still has ers today

He has prayed so hard for these refi neries not to work in his life time.

Thank you oga Falana

So Falana knows about all these things and all these while,but chose to keep quiet… Now he is talking because it’ll soon burst beyond repair. Well if corrupt politicians were not in power,heads would have rolled but as usual nothing will happen.

Nawa

Ok

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. 🙏

Abeg stop this talk. Which Yaradua? A slow and undecided Leader.
His only Hallmark which I applaud him for was the NigerDelta Amnesty Program

OBJ and Atiku were not in good then
Besides, N was more of an advisory body. The president still had the final say on privatisation
However, the$750m price tag was too low but it can be understood since the buyers are indigenous

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.

Nigerians never experienced untold hardship under Obasanjo regime. We only experience it in Tinubu government. Obasanjo policies had a positive impact on the average man on the street unlike your emilokan anti people policies.

Same president that wasted $16b on power with nothing to show for it after 8 years.
He was only there to balkanise the nations assets and resources in the interest of the IMF, world bank etc who aptly rewarded him with debt reduction in return but the money bags knew the country would never be able to break away from the cycles of borrowings.
Smsh!!!