Falana Reveals Why Yar’Adua Cancelled Sale of Port Harcourt Refinery to Dangote

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Falana Reveals Why Yar'Adua Cancelled Sale of Port Harcourt Refinery to Dangote

Renowned human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has shed light on the reasons behind the late President Umaru Musa Yar'Adua's decision to revoke the sale of the Port Harcourt Refinery to Dangote Group. Speaking at a recent public forum, Falana provided insights into the circumstances surrounding the controversial transaction, which remains a pivotal moment in Nigeria's oil and gas sector.

According to Falana, the decision was primarily driven by concerns over transparency and national interest. He explained that the sale, initially facilitated under former President Olusegun Obasanjo's administration, was deemed inconsistent with due process and raised questions about the valuation of the refinery. "President Yar'Adua prioritized safeguarding national assets and ensuring that such transactions aligned with the broader economic interests of the country," Falana stated.

The Port Harcourt Refinery, one of Nigeria's key oil-processing facilities, has faced operational challenges over the years. While the cancellation of the sale was intended to retain government control, critics argue that it contributed to the prolonged inefficiency of the refinery. Proponents of privatization, however, believe that private sector management could have transformed the refinery into a profitable enterprise.

Falana also highlighted the broader implications of the incident, urging the government to adopt transparent practices in managing national resources. "We must learn from past mistakes and ensure that critical assets are managed in ways that benefit the Nigerian people," he emphasized.

This revelation has reignited debates on privatization policies and the role of government in managing strategic assets, with stakeholders calling for reforms to improve the efficiency and profitability of Nigeria's oil and gas sector.