• Says plant requires advanced technical partners for completion
• Reaffirms commitment to rehabilitation, national energy security
The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially dismissed speculation surrounding the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing its rehabilitation and maintaining ownership of the strategic asset.
Speaking during a company-wide town hall meeting held at the NNPC Towers in Abuja, Group Chief Executive Officer (GCEO), Bayo Ojulari, clarified that the national oil company has no intention of offloading the refinery. His comments followed recent misinterpretations of his remarks at the 2025 OPEC Seminar in Vienna, where he stated that “all options are on the table,” a phrase which sparked media speculation over possible asset sales.
In a statement issued after the meeting, NNPC noted that Ojulari’s clarification came after extensive technical and financial assessments of the country’s three refineries—Port Harcourt, Warri, and Kaduna. He disclosed that earlier attempts to run the Port Harcourt facility before fully completing its $1.5 billion rehabilitation were commercially unviable and technically flawed—a decision attributed to the actions of previous leadership.
The Port Harcourt refinery, once touted as a symbol of Nigeria’s push for energy self-sufficiency, was recommissioned amid much fanfare in late 2024 after years of inactivity. However, the celebrations were short-lived as the plant ceased operations weeks later, reportedly due to maintenance and technical recalibration issues. The development further strained public confidence following years of unfulfilled promises in the downstream sector.
Controversy around the refinery project deepened after the Economic and Financial Crimes Commission (EFCC) arrested several former managing directors of Nigeria’s refineries over allegations of misappropriating nearly $3 billion meant for rehabilitation efforts.
Despite the challenges, Ojulari assured stakeholders that work was progressing steadily on all three refineries. He stressed that completing the Port Harcourt facility now demands the input of advanced technical partners to ensure its long-term viability and commercial success. Selling the refinery, he warned, would not only erode national value but contradict Nigeria’s broader energy security agenda.
“The decision to retain ownership reflects our commitment to restoring the refinery as a core component of Nigeria’s energy infrastructure,” Ojulari said, adding that the company remains focused on delivering value to Nigerians.
The town hall meeting, attended by hundreds of NNPC employees, was described as a turning point in reinforcing internal alignment with the company’s evolving strategic vision. Executive Vice Presidents from the Upstream, Downstream, Gas, Finance, Business Services, and New Energy divisions delivered progress reports, highlighting reform efforts, operational achievements, and areas requiring intensified focus.
According to the company, the session served not just as a performance update but as a platform for open dialogue, transparency, and renewed leadership accountability.
“This announcement sends a strong message about continuity in Nigeria’s energy strategy and the importance of safeguarding national assets,” the statement noted. “The response from employees was overwhelmingly positive, reflecting confidence in the company’s direction under Ojulari’s leadership.”
Ojulari reaffirmed that NNPC Ltd is transforming into a commercially-driven, professionally-managed entity rooted in transparency, performance, and national responsibility.
“As we advance, we remain resolute in our role as custodians of Nigeria’s energy future. Our focus is clear—rehabilitate, retain, and revitalise,” he said.
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