The Nigerian National Petroleum Company Limited (NNPC) on Wednesday officially ruled out any plan to sell the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
The Group Chief Executive Officer (GCEO) of NNPC, Bayo Ojulari, announced this at a company-wide town hall meeting at the NNPC Towers, Abuja, a statement by the company stated.
Ojulari stated that the position wasn’t a shift, but informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
The ongoing review, he said, indicated that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.
The rehabilitation of the Port Harcourt refinery, once hailed as a pivotal moment in Nigeria’s drive toward energy independence, has instead spiralled into controversy and disillusionment. Touted as a $1.5 billion transformation project by the NNPC, the refinery was ceremoniously reopened in late 2024 after years of dormancy.
However, hopes of self-sufficiency in refined petroleum products were quickly dashed when the plant shut down again just weeks after the commissioning. Official explanations pointed to maintenance and technical recalibrations, but public trust had already begun to erode due to years of broken promises.
The situation escalated further when the Economic and Financial Crimes Commission (EFCC) recently arrested former managing directors of the refineries over alleged misappropriation of nearly $3 billion allocated for their rehabilitation.
But the NNPC stated that although progress is being made on all three, the emerging outlook called for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, it noted that selling it is highly unlikely as it would lead to further value erosion.
NNPC stated that the announcement comes in the wake of widespread speculation following ojulari’s remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he said during an interview with Bloomberg that “all options are on the table.”
The comment, according to the national oil company, sparked speculation and headlines about the future of the nation’s refining assets.
According to the NNPC, the declaration that the refinery won’t be sold was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.
The town hall, the statement said, served as more than a performance update, but an opportunity for candid and constructive engagement.
Besides, the Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.
“In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
“The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects 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,” it added.
The statement noted that feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision.
Described as “reassuring,” “transformational,” and “sustainable,” the atmosphere, the NNPC said, reflected an optimistic outlook among employees and hopefulness about the company’s evolving strategic direction.
“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,” the statement noted.
Emmanuel Addeh
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