The Nigerian National Petroleum Company Limited (NNPC Ltd) has firmly shut down speculation surrounding the sale of the Port Harcourt Refining Company, reiterating its commitment to completing the ongoing rehabilitation of the plant and retaining ownership of one of Nigeria’s most strategic national energy assets.
Speaking during a company-wide town hall meeting at the NNPC Towers in Abuja, Group Chief Executive Officer Bashir Bayo Ojulari made it clear that the idea of selling the refinery is off the table.
He explained that the decision follows detailed technical and financial reviews of all three government-owned refineries, Port Harcourt, Kaduna, and Warri.
Ojulari said the suggestion to run the Port Harcourt refinery before completing its full rehabilitation had proved to be “ill-informed and sub-commercial.”
He added that while progress has been made on the various rehabilitation efforts, the current review process shows that the path to full commercial viability lies not in divestment, but in forging more advanced technical partnerships to upgrade and complete the refinery’s overhaul.
Ojulari stated, “The idea of putting the refinery up for sale would only erode value further,” firmly, ending weeks of speculation that followed his remarks earlier this month during the 2025 OPEC Seminar in Vienna.
In an interview with Bloomberg at the time, the NNPC chief had said that “all options are on the table,” a comment which led to media speculation that the company was considering selling off the Port Harcourt facility.
The clarification provided a much-needed sense of direction, particularly for employees of the NNPC who had been closely following the developments.
The crowd of staffers who gathered at the Abuja headquarters received the announcement with applause, expressing relief and enthusiasm over what they perceived as a renewed sense of clarity and purpose.
Refinery Roadmap, Renewed Resolve
The town hall served a larger purpose than merely addressing rumours. It was a moment of reflection, transparency, and strategic alignment for Nigeria’s flagship energy company.
Executive Vice Presidents from various arms of the business, Upstream, Downstream, Finance, Gas, Power, Business Services, and New Energy, shared operational updates and highlighted both achievements and pressing challenges.
According to attendees, the tone of the meeting was marked by candid discussions and clear-eyed leadership.
Ojulari did not shy away from acknowledging previous missteps, particularly with regard to assumptions made about the timelines and financial logic of the refinery rehabilitation projects.
However, he emphasised that the company is moving forward with a clear roadmap grounded in technical rigour and commercial viability.
“We are not here to preserve legacy for legacy’s sake. We are here to build an institution that delivers value for Nigerians.”
Bashir Bayo Ojulari, CEO of NNPC
The GCEO also stressed that retaining national ownership of strategic energy infrastructure is not only an economic decision, but a security imperative.
The refinery’s completion, he noted, is integral to the Federal Government’s broader strategy to secure Nigeria’s energy future, reduce dependence on imported fuels, and build refining self-sufficiency.
The announcement aligns with President Bola Tinubu’s broader energy reform agenda, which places strong emphasis on reviving dormant infrastructure, encouraging private-sector partnerships, and improving energy sector transparency.
For NNPC Ltd, this means transforming from a bureaucratic institution into a commercially oriented, professionally managed energy company capable of competing on the global stage.
Ojulari concluded the session by reaffirming the company’s dedication to its primary stakeholders, the Nigerian people.
“NNPC will continue to be driven by commercial discipline, operational transparency, and a deep sense of responsibility to the nation.
“We are here to serve Nigeria, and we take that duty seriously.”
Bashir Bayo Ojulari, CEO of NNPC
With the Port Harcourt Refinery’s future now clearer, attention will shift to how quickly and effectively NNPC can complete its rehabilitation and restore it to full operational status.
Industry watchers will be keenly observing how the company translates strategic intent into tangible outcomes, particularly in light of Nigeria’s persistent fuel supply challenges.
While questions remain about the broader future of Nigeria’s refining capabilities, one message was unambiguous from Ojulari’s address: the Port Harcourt refinery is not for sale, and NNPC remains at the heart of Nigeria’s energy transformation journey.
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