Victor EzejaThe Nigerian National Petroleum Company Limited (NNPC) has declared that the Port Harcourt Refinery is not for sale, reaffirming its commitment to completing rehabilitation of the plant.
Group Chief Executive Officer (GCEO) of NNPC, Bashir Bayo Ojulari, made this known during a town hall meeting held on Tuesday at the NNPC Towers, Abuja.
Join our WhatsApp ChannelAccording to a statement by the NNPC management, Ojulari stated that the decision is informed by ongoing technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
“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,” Ojulari stated.
“Although progress is being made on all three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely as it would lead to further value erosion.”
The announcement follows reports of possible sale of the refineries.
It would be recalled that the NNPC GCEO had during an interview with Bloomberg on the sidelines of the 2025 OPEC Seminar in Vienna, Austria earlier this month, said there is an ongoing review of the operations of the refineries and “all options are on the table,”, including possible sale of the the facilities .
Ojulari said issues around turn around maintenance of the refineries over the years and the inability to get them work at optimal capacity has become a complex one.
The comment sparked reactions about the future of the state-owned refineries.
While some supported sale of the refineries to private investors as the best option to engender efficiency and accountability of the assets, others opposed the move.
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The town hall served as a platform for constructive engagement on issues regarding NNPC’s operations both in the upstream and downstream.
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.
The declaration 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.
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 reflected an optimist 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.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
