The Nigerian National Petroleum Company (NNPC) Limited has made a redecision not to sell the Port Harcourt Refining Company (PHRC), reaffirming its commitment to completing the ongoing rehabilitation and retention of the plant.
NNPC Group Chief Executive Officer (GCEO), Bashir Bayo Ojulari, was quoted in a statement on Wednesday by the national oil company to have announced this at a company-wide town hall meeting on Tuesday at the NNPC Towers, Abuja.
Recall that the Nigerian National Petroleum Company Limited (NNPCL) announced in November last year that the Port Harcourt refinery had commenced crude oil processing, but was shut down for maintenance in May this year. While Warri and Kaduna Refineries are still undergoing rehabilitation.
Speaking in an interview with Bloomberg recently, on the sidelines of the 9th OPEC International Seminar in Vienna, Austria, the Group Chief Executive Officer (GCEO) of the NNPCL, Bayo Ojulari, disclosed that the rehabilitation of the refinery is becoming a bit complicated.
He stated that while the company is currently carrying out the review of the refineries, it’s uncertain whether they would be put up for sale.
“But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he said.
Meanwhile, the African Democratic Congress (ADC) demanded for a full audit of the refineries having gulped about $18 billion rehabilitation, and the Federal Government considering the sale of the national assets.
In a statement recently by its National Publicity Secretary and Coalition Spokesperson, Mallam Bolaji Abdullahi, the party asked whether the Tinubu administration has been deceiving Nigerians, having recently spent over $2.8billion dollars on the refineries, before declaring that they were moribund.
“ADC is concerned about the perennial waste and underhanded dealings in the name of turnaround maintenance that never turned anything around but the personal fortunes of those involved. We believe this must not continue.
“We are however suspicious of the current moves being made by the government to sell off the refineries outright without giving full consideration to alternative options and without consultations with critical stakeholders.
“Selling off the refineries under the prevailing circumstances is indeed conducive for all sorts of criminal dealings, whereby national assets could be deliberately devalued and sold to cronies.
“ADC therefore calls for a full and independent audit—financial, technical, and structural— before any sale is contemplated or privatisation is considered,” the party said in the statement.
However, the NNPC boss said the current position isn’t a shift. Rather, it is informed by ongoing detailed 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 said.
Although progress is being made on all three, 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.
NNPC said 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 statement said 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.
“The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement. 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.
“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 said.
“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.
