Femi Falana, a renowned Nigerian human rights lawyer, has shed light on why former President Umaru Musa Yar’Adua chose not to proceed with the sale of the Port Harcourt refinery to a consortium led by Aliko Dangote. According to Falana, this decision was rooted in addressing the legal and ethical concerns tied to the transaction, as well as safeguarding Nigeria's national interest.
In a statement, Falana highlighted that the Privatisation and Commercialisation Act designates the Vice President as the chairperson of the National Council on Privatisation (NCP), the body responsible for overseeing the privatisation of public enterprises. This underscores the critical legal framework that guides such transactions, ensuring transparency and adherence to due process.
Falana emphasized that Yar’Adua’s reversal of the sale was a pivotal move to uphold the law and prevent any breach of Nigeria's sovereignty or exploitation of its strategic assets.
This decision, according to Falana, reflected the administration's commitment to national accountability and integrity in managing public resources.
Falana, however, 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.
“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.
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