Group CEO NNPC Ltd, Engr. Bashir Bayo Ojulari addressing the Company’s staff during a Townhall held at the NNPC Towers, in Abuja, on Tuesday.
FAVOUR ISHEMBER, Abuja
Worried that selling is highly unlikely as it would lead to further value erosion, the Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out the sale of the Port Harcourt Refining Company.
The Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, who announced this at a company-wide town hall meeting on Tuesday at the NNPC Towers, Abuja, reaffirmed its commitment to completing high-grade rehabilitation and retention of the plant.
He stated that the position isn’t a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
Ojulari said the ongoing review of the Port Harcourt refinery rehabilitation project has revealed that the initial decision to operate the refinery before completing its rehabilitation was not well-informed and lacked commercial viability.
According to him, although progress has been made, the emerging outlook suggests that more advanced technical partnerships are needed to complete and enhance the rehabilitation of the refinery.
The announcement follows widespread speculation after Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, Austria, where he mentioned that “all options are on the table” regarding the nation’s refining assets. This comment sparked speculation and headlines about the future of Nigeria’s refining sector.
In the town hall meeting, NNPC Ltd’s Executive Vice Presidents presented progress reports from various business units, highlighting operational achievements, ongoing reforms, and areas requiring attention.
The meeting aimed to provide a platform for candid and constructive engagement, and the staff attendees welcomed the announcement as a renewed sense of business-focused direction.
The announcement reinforces NNPC Ltd’s commitment to delivering on the complete rehabilitation and long-term viability of Nigeria’s refineries, aligning with the Federal Government’s broader energy security objectives.
NNPC Ltd aims to retain critical assets under national control and reposition itself as a commercially driven, professionally managed national energy company grounded in transparency and focused on performance.
The workforce reacted positively to the announcement, describing it as “reassuring,” “transformational,” and “sustainable.” The atmosphere reflected an optimistic outlook among employees and hopefulness about the company’s evolving strategic direction.
Ojulari emphasized NNPC Ltd’s responsibility to its number one stakeholder group, Nigerians, and its commitment to transparency and performance.
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