The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed speculations regarding the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing the plant’s rehabilitation and retaining it under national control.
The Group Chief Executive Officer (GCEO) of NNPC Ltd, Mr. Bashir Bayo Ojulari, made this known during a company-wide town hall meeting held on Tuesday at the NNPC Towers in Abuja.
Ojulari clarified that the decision was not a change in direction but rather the result of ongoing technical and financial evaluations of the Port Harcourt, Kaduna, and Warri refineries. According to him, the earlier plan to operate the Port Harcourt refinery prior to full completion of its rehabilitation was “ill-informed and sub-commercial.”
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While acknowledging progress across the three refineries, he noted that the emerging realities require more advanced technical partnerships to complete and upgrade the Port Harcourt plant. As a result, the sale of the refinery has been ruled out, with Ojulari warning that divestment could lead to further value erosion.
The announcement follows widespread speculation after Ojulari’s comments during an interview at the 2025 OPEC Seminar in Vienna, Austria, where he said “all options are on the table.” That remark had prompted media reports about a possible sale of national refining assets.
His latest statement was met with applause from hundreds of staff at the town hall meeting, who welcomed it as a clear and reassuring signal of a business-focused direction for the company.
More than just a performance review, the meeting provided a platform for frank discussions and strategic realignment. Executive Vice Presidents from various business units including Upstream, Downstream, Gas, Power, Finance, and New Energy delivered progress reports detailing reforms, operational gains, and areas requiring attention.
Ojulari acknowledged past challenges and missteps while outlining a clear roadmap for the future. He emphasized that NNPC Ltd remains committed to its role as the strategic custodian of Nigeria’s energy infrastructure.
“This decision supports our mandate to ensure energy security, retain critical national assets, and operate with transparency and professionalism,” he said.
The announcement also aligns with the Federal Government’s broader objective of strengthening national energy independence.
Feedback from staff during and after the session reflected renewed enthusiasm, with many describing the engagement as “transformational” and “hope-inspiring.”
NNPC Ltd, Ojulari added, will continue its repositioning as a commercially-driven and professionally-managed national energy company focused on performance and the interest of its primary stakeholders, the Nigerian people.
