July 29, 2025
Published by Cyril

The Nigerian National Petroleum Company Limited (NNPCL) has categorically dismissed any plans to sell the Port Harcourt Refinery, affirming its unwavering commitment to complete rehabilitation and national ownership of the facility.

This assurance was given by the Group Chief Executive Officer, Bayo Ojulari, during a company-wide town hall meeting held on Tuesday at the NNPC Towers in Abuja. The meeting followed weeks of speculation triggered by Ojulari’s earlier remarks at the 2025 OPEC Seminar in Vienna, where he suggested that “all options were on the table” regarding the refinery’s future.

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In an official statement released Wednesday, Ojulari clarified that NNPCL is not reversing its position but is now acting on technical and financial evaluations of Nigeria’s three major refineries — Port Harcourt, Kaduna, and Warri.

• “The earlier decision to restart the Port Harcourt refinery before full rehabilitation was technically and commercially flawed,” Ojulari explained.

More Time, Better Results

He emphasized that while rehabilitation is actively progressing, the complex structure of the Port Harcourt plant demands more advanced technical partnerships. He stressed that a sale would likely erode national value and disrupt long-term energy goals.

His declaration was met with applause from hundreds of staff at the event, many of whom welcomed the leadership’s transparent and strategic approach to asset management.

Refinery Rehabilitation Still On Track

The town hall served as a platform for honest performance reviews, with Executive Vice Presidents from all NNPCL business units — including Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy — presenting updates and future strategies.

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“This announcement reaffirms NNPC’s mission as a strategic custodian of Nigeria’s energy infrastructure,” the statement read. “It underscores our resolve to see through the complete rehabilitation and commercial viability of our refineries.”

FG’s Broader Energy Agenda

Ojulari’s reaffirmation aligns with President Bola Tinubu’s wider agenda for energy security and national ownership, even as the sector undergoes significant reforms.

Staff members at the session described the engagement as “reassuring,” “transformational,” and a turning point for the company’s future.

Under Ojulari’s leadership, NNPCL is determined to deliver a fully operational, transparent, and resilient refinery system that will anchor Nigeria’s long-term economic transformation and energy independence.

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