- NNPC Ltd rejected plans to sell the Port Harcourt Refining Company and committed to completing its high-grade rehabilitation and retaining it as a national asset.
- Group CEO Bayo Ojulari clarified that ongoing technical and financial reviews guided the decision, dismissing a sale as “ill-advised”.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has ruled out any plans to sell the Port Harcourt Refining Company, reinforcing its commitment to completing the plant’s high-grade rehabilitation and long-term retention. Group Chief Executive Officer Bayo Ojulari announced this during a company-wide town hall at the NNPC Towers in Abuja, ending weeks of speculation surrounding the future of Nigeria’s flagship state-owned refinery.
Furthermore, Ojulari described selling the asset as “ill-advised and sub-commercial,” clarifying that the company’s position follows a comprehensive technical and financial review of the Port Harcourt, Kaduna, and Warri refineries. He explained that the previous decision to restart the Port Harcourt refinery operations before completing full rehabilitation was miscalculated and economically unviable.
In addition, NNPC stated that it is pursuing advanced technical partnerships to complete the refinery’s rehabilitation and upgrade, and emphasised that a sale would erode long-term value. This aligns with the company’s broader mandate to safeguard critical national energy infrastructure.
Executive Vice Presidents presented updates across Upstream, Downstream, Gas, Power, Finance, and New Energy segments, highlighting operational milestones and outlining strategic reforms. Employees welcomed the company’s clear direction, describing the session as “reassuring,” “transformational,” and “sustainable.”
Meanwhile, Ojulari reaffirmed NNPC Ltd’s role as a commercially driven, professionally managed national energy company grounded in transparency and dedicated to serving Nigerians. The declaration received a standing ovation from hundreds of staff, reflecting renewed optimism and alignment with the leadership’s vision.