The Nigerian National Petroleum Company Limited (NNPC Ltd) has dispelled speculation surrounding the future of the Port Harcourt Refining Company, declaring unequivocally that the asset is not for sale. The company reaffirmed its commitment to completing the ongoing rehabilitation and retaining the refinery under national control.
The Group Chief Executive Officer (GCEO) of NNPC Ltd, Bashir Bayo Ojulari, made the announcement during a company-wide town hall meeting held Tuesday at the NNPC Towers in Abuja.
Addressing hundreds of employees, Ojulari clarified that the decision aligns with technical and financial reviews currently underway across the country’s three key refineries, Port Harcourt, Kaduna, and Warri.
“The earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial,” Ojulari stated, underscoring the need for a more robust, commercially viable approach.
He added that progress is ongoing, but the outlook now requires deeper technical partnerships to high-grade the facility and ensure long-term performance.
The announcement follows comments made by Ojulari at the 2025 OPEC Seminar in Vienna, where his statement that “all options are on the table” in an interview with Bloomberg triggered widespread speculation about a potential sale. NNPC’s latest declaration sets the record straight.
No Shift in Policy, Says Ojulari
“This is not a policy reversal,” Ojulari said. “It’s a pragmatic decision rooted in data and strategic review. Selling at this stage would only lead to further value erosion.”
The declaration was met with applause from staff members in attendance, many of whom described the moment as a return to “business-focused leadership” within the national oil company.
Performance, Transparency, and Engagement
The town hall served as both a performance update and an open forum for honest discussion. Executive Vice Presidents across NNPC’s business units—including Upstream, Downstream, Finance, Gas, Power, and New Energy—presented progress reports and outlined key operational reforms. Missteps from the past were openly acknowledged, while leadership laid out a forward-looking roadmap for reform and efficiency.
In his closing remarks, Ojulari reiterated NNPC Ltd’s commitment to its transformation into a commercially driven and professionally managed national energy company.
“NNPC is grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group—Nigerians,” he said.
Energy Security and Strategic Assets
The decision to retain the Port Harcourt refinery aligns with the Federal Government’s broader energy security agenda and NNPC’s role as custodian of strategic national assets. By doubling down on full rehabilitation and eschewing quick-sale solutions, the company signals continuity in its long-term vision for the downstream oil sector.
Feedback from staff during and after the session was overwhelmingly positive, with employees calling the message “reassuring,” “transformational,” and “a turning point. “
