Former President Obasanjo Says He Regret Not Privatizing NNPC While He Was In Office

Former President Olusegun Obasanjo says he regrets not privatizing the Nigeria National Petroleum Corporation, NNPC, while in office. ‎ ‎Obasanjo said this at the opening of a two-day Maritime Stakeholders’ Conference in Lagos yesterday May 16th.

According to Obasanjo, the private sector have over the years shown to be very profitable in whatever project the Federal government gets them involved in ..

"NNPC is supposed to be doing well like Nigeria Liquefied Natural Gas (NLNG). The involvement of the private sector will ensure growth. The NLNG is making money for the government because of the involvement of the private sector. A general once left this country with two ships. He later came back with no accountability. That cannot happen in the private sector."he said Obasanjo said while he was Head of State, he bought a total of 19 ships for the petroleum sector but sadly, none of them can be accounted for now. 

According to him, one of the ships was sold off as scrab for $500, 000 and that the Federal government later bought the same ship for $2 million. It was repaired for $1million. He said he was informed that the same ship was later seized for not being sea worthy. " We were asked to pay $2 million. I told them to keep the ship. It was later released (without any payment)” he said.