Aliko Dangote has recalled how the sale of three Nigerian refineries to his group was cancelled during the administration of the late President Umaru Musa Yar’adua.
Speaking during an interview on Al Jazeera English, Dangote said his group bought the three refineries during former President Olusegun Obasanjo’s administration for $750 million. He explained that the deal had been completed, with the company paying advisers, bankers and lawyers involved in the transaction.
According to him, Yar’adua later received advice from an engineer who told him that the refineries had been given to Dangote’s group for free. Dangote said this was incorrect because his company had paid $750 million for the facilities.
He also claimed that the engineer assured Yar’adua that the refineries could be made operational within 90 days. However, Dangote said the refineries never resumed operations, and the sale was eventually revoked under Yar’adua.
Dangote said the cancellation caused his group to lose money because it had already spent heavily on the transaction and related professional services.
He added that he later wrote to the authorities, asking them to take back the refineries if they could not allow his company to operate them.
In his words, “Late President Yar’adua came in, and he had one Engineer Yar’adua; they are from the same place, not the same family, and he assured him that these refineries were just given to us for free. We paid 750 million dollars for it anyway, which Shell even refused to take them for one dollar.’
SOURCE: Cuture
