“…selling is highly unlikely as it would lead to further value erosion” – Ojulari, NNPCL GCEO
Oredola Adeola
The Nigerian National Petroleum Company Limited (NNPC Ltd) has disclosed that its ongoing internal review revealed the earlier decision to operate the Port Harcourt Refinery before the full completion of its rehabilitation was premature and economically unviable.
Consequently, the national oil company has ruled out any plans to sell the Port Harcourt Refining Company, reaffirming its commitment to completing the comprehensive rehabilitation of the facility and retaining ownership of the plant.
Bashir Bayo Ojulari, Group Chief Executive Officer (GCEO) of NNPC Limited, made this known during a company-wide town hall meeting on Tuesday at the NNPC Towers, Abuja.
Advisors Reports gathered that the town hall served as more than a performance update; it was an opportunity for candid and constructive engagement.
The GCEO emphasised that the decision to ruled out sale of the Port Harcourt Refining Company isn’t a shift, rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
According to Ojulari, the ongoing review by the new management of the NNPCL 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 confirmed that progress is being made on all three refineries, adding that 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 comes in the wake of widespread speculation following his 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 sparked speculation and headlines about the future of the nation’s refining assets.
The declaration was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.
Ojulari emphasised that the 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.
Mr. Udobong Ntia, Executive Vice Presidents, on his part, 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.
Advisors Reports’ checks showed that Mele Kyari, former GCEO of NNPC Limited, initially announced that the Port Harcourt Refinery would commence operations in early August 2024.
However, actual truck-loading of petroleum products, including petrol (PMS), began on 26 November 2024.
Just six months after production resumed, the national oil company shut down the refinery on 24 May 2025 for planned maintenance.
Although the outage was originally expected to last 30 days, it extended beyond the anticipated timeframe.
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.
