The National Publicity Secretary of the Petroleum Products and Retail Owners Association of Nigeria, Joseph Obele, has criticised the Nigerian National Petroleum Company Limited’s decision to retain ownership of the Port Harcourt Refining Company, calling for its immediate privatisation.
Speaking as a Port Harcourt community stakeholder, Obele expressed concern over the NNPC’s recent announcement ruling out the refinery’s sale. He said the decision contradicts the nation’s interest, citing a history of inefficiency, corruption, and mismanagement within the company.
“This isn’t good news. NNPC’s plan to keep the Port Harcourt refinery while proposing to sell the ones in Warri and Kaduna is concerning. Their track record is well-documented consistent failures, fuel scarcity, and mismanagement,” Obele said.
He argued that private firms have historically shown more responsiveness to host communities and deliver better operational outcomes, using Indorama Petrochemical as an example.
Obele highlighted the potential benefits of privatisation, including increased efficiency, job creation, accountability, reduced corruption, and community development. He urged President Bola Tinubu to reverse the NNPC’s decision and support the sale of the refinery.
“We’re ready to receive any private investor with full cooperation. This will not only benefit our community but contribute to the nation’s economic growth,” he added.
Last week, NNPC reaffirmed its stance against the refinery’s sale, stating that technical and financial reviews supported continued in-house rehabilitation. Group Chief Executive Officer Bayo Ojulari said privatisation could lead to further value erosion.
The Port Harcourt refinery, which underwent shutdown for maintenance in May, remains closed two months later. Meanwhile, Dangote Group President Aliko Dangote recently expressed doubts about the viability of Nigeria’s state-owned refineries, noting they had consumed up to $18 billion with little return.
