*Recants its plan to sell P/Harcourt, Warri, Kaduna legacy refineries
*Reaffirms commitment to completing high-grade rehabilitation, retention plants
*That earlier decision to operate P/Harcourt refinery was ill-informed, sub-commercial
*Stakeholders had insisted refineries can’t be sold after $1.5bn turn-around maintenance
By Okorie Onu Okorie
Amidst the controversy that emerged from the plan to dispose of the four legacy refinery assets by the NNPC Limited, it appears that the stakeholders with divergent views about selling the assets will now heave a sigh of relief as the company has officially ruled out sale of the plants, reaffirming its commitment to completing high-graded rehabilitation and retention of the plants.
The Group Chief Executive Officer GCEO of NNPC Limited, Bashir Bayo Ojulari, announced this at a company-wide town hall meeting yesterday in Abuja.
He stated that the position isn’t a shift; rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
According him, “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. Thus, selling is highly unlikely as it would lead to further value erosion.”
Ojulari, who had earlier hinted of the plan of the federal government to sell the assets said that progress is being made on all the three refineries, however, the emerging outlook calls for more advanced technical partnerships to complete and high-grade rehabilitation of the Port Harcourt refinery.
His current stand 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, including selling them off.”
The comment sparked speculations and headlines about the future of Nigeria are refining assets.
However, the new position has elicited 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.
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.
A statement made available to the media in Abuja explained that the 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.
It would be recalled that the Senate had earlier raised concerns over the $1.5 billion approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery with little or no result.
