NNPCL Rules Out Sale of Port Harcourt Refinery, Vows Full Rehabilitation

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has firmly ruled out the sale of the Port Harcourt Refining Company, declaring that the company remains committed to completing its full rehabilitation and retaining the asset under national control.

Ojulari made the clarification during a company-wide town hall meeting held on Tuesday at the NNPC Towers in Abuja, following speculations sparked by his earlier comments during an interview with Bloomberg at the 2025 OPEC Seminar in Vienna, Austria, where he stated that “all options were on the table” when asked about the future of the refinery.

In a statement issued by the company on Wednesday, Ojulari emphasized that the current position is not a reversal but rather an outcome of detailed technical and financial reviews of Nigeria’s three major refineries—Port Harcourt, Kaduna, and Warri.

“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial,” he stated.

The GCEO added that while progress is ongoing across all three refineries, the complexity of the Port Harcourt plant requires more advanced technical partnerships to ensure completion and upgrade. As such, selling the asset is now highly unlikely, as doing so could result in further value erosion.

ADVERTISEMENT

Ojulari’s declaration was met with applause from hundreds of staff members attending the town hall, who welcomed the renewed focus on business-driven strategy and asset retention.

According to the statement, the town hall was not only a performance review but also a platform for transparent engagement. Executive Vice Presidents from NNPCL’s various business units—Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy—presented progress reports, acknowledged past challenges, and outlined future roadmaps.

“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,” the statement noted.

The GCEO’s position also aligns with the Federal Government’s broader energy security agenda, reaffirming its commitment to retain critical energy assets under national ownership amid ongoing reforms in the sector.

Staff members who spoke after the session described the engagement as “reassuring,” “transformational,” and “sustainable,” expressing renewed optimism about the company’s strategic direction.

The NNPCL, under Ojulari’s leadership, is positioning itself to deliver not only a fully operational refinery system but also a resilient and transparent national energy platform capable of contributing meaningfully to Nigeria’s economic transformation.