Human rights lawyer, Femi Falana, has revealed that the late former Nigerian President, Umaru Yar’Adua, cancelled the sale of the Port Harcourt refinery to a consortium led by Dangote Oil to protect Nigeria’s national interest.
Naija News reports that Falana made this known in a statement issued on Friday, stating that the reversal was a critical step in addressing the legal and ethical breaches surrounding the transaction.
According to the Nigeria Senior Advocate, under the Privatisation and Commercialisation Act, the Vice President is the chairman of the National Council on Privatisation (NCP), the body responsible for overseeing the privatisation of public enterprises.
Falana alleged that former President Olusegun Obasanjo bypassed this legal requirement by sidelining then-Vice President, Atiku Abubakar and directly managing the privatisation of several state-owned enterprises. 
He said, “On May 17, 2007, President Obasanjo sold a 51% 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% shares in Kaduna Refinery to Bluestar Oil for $160 million.”
Falana highlighted that the deals drew sharp criticism and concern 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), as they claimed that the country had been shortchanged.
He said following the probe, President Yar’Adua annulled the privatisation of the Port Harcourt and Kaduna refineries and assured the unions that the federal government would thoroughly investigate the deals.
Falana further commended the role of NUPENG and PENGASSAN in advocating for national interest and called on them to remain vigilant amid renewed calls to privatise Nigeria’s refineries.
He said, “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. 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.
“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.
“The Alliance on Surviving Covid and Beyond (ASCAB) hereby calls on NUPENG and PENGASSAN to intensify their historical struggle aimed at as a counterpoise to the renewed campaign for the privatisation of the nation’s refineries. Those who are awaiting the privatisation of the refineries in a manner at variance with the national interest should be advised to set up their own refineries like the Dangote Group.”
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