ABUJA, NIGERIA – The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing a “high-grade rehabilitation” and retaining the plant. This announcement, made by NNPC Ltd’s Group Chief Executive Officer, Bayo Ojulari, at a company-wide town hall meeting in Abuja, aims to end weeks of speculation regarding the future of Nigeria’s most prominent state-owned refining asset.
Mr. Ojulari described the prospect of selling the Port Harcourt Refining Company as “ill-advised and sub-commercial.” His remarks come amidst rising public concern sparked by earlier comments at the 2025 OPEC Seminar in Vienna, where he suggested that “all options are on the table” concerning Nigeria’s refineries, leading to widespread speculation of an imminent sale.
NNPC Ltd clarified that its new position is not a shift but rather informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries. The company’s statement on Wednesday indicated that “the ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and sub commercial.”
While progress is being made on all three refineries, the emerging outlook, according to NNPC Ltd, “calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.” The statement concluded that “selling is highly unlikely as it would lead to further value erosion.”
During the town hall, Executive Vice Presidents presented progress reports from various business segments, highlighting operational achievements, ongoing reforms, and areas requiring attention. The announcement is seen as reinforcing NNPC’s mandate as a strategic custodian of national energy infrastructure, reflecting a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries. It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
Feedback from staff at the meeting reportedly indicated an optimistic outlook and a renewed sense of business-focused direction within the organisation. “NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians,” Ojulari concluded.
Add Comment