JUST IN: NNPC rules out sale of Port Harcourt refinery, vows full rehabilitation

DDM News

The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially dispelled rumours suggesting it might sell off the Port Harcourt Refinery.

In a detailed statement shared across its verified social media platforms on Wednesday, the company categorically stated that the refinery is not for sale and affirmed a renewed commitment to its full rehabilitation.

Diaspora Digital Media (DDM) gathered that the clarification followed media speculation which had gained momentum after the Group Chief Executive Officer (GCEO) of NNPC, Bashir Bayo Ojulari, granted an interview at the 2025 OPEC Seminar in Vienna, Austria.

During the interview, Ojulari noted that “all options are on the table,” a comment which was widely interpreted to mean that the company was considering divesting from the critical national energy asset.

However, NNPC’s latest press release described such interpretations as “misplaced,” stating that the comment was taken out of context and not reflective of the corporation’s strategic intentions.

Ojulari, speaking during a company-wide town hall meeting held at the NNPC Towers in Abuja on Tuesday, clarified that the organization had no plans to sell the Port Harcourt Refinery.

He said the current trajectory of the company, based on fresh technical and financial reviews, does not support offloading any of Nigeria’s strategic refining assets.

He described the earlier decision to commence partial operations at the refinery before completing its rehabilitation as “ill-informed” and commercially unviable.

The GCEO also disclosed that new advanced technical partnerships were being explored to fast-track the refinery’s rehabilitation and upgrade it to international standards.

The Port Harcourt Refinery, once considered a cornerstone of Nigeria’s domestic petroleum supply system, has long suffered from poor maintenance, chronic underperformance, and outdated infrastructure.

Built in the 1960s and expanded over the decades, it was previously shut down multiple times due to operational and environmental failures.

In 2021, the Federal Government approved a $1.5 billion rehabilitation contract aimed at revamping the refinery, but progress has been slow and heavily criticized by civil society organisations and energy experts.

At the Tuesday town hall meeting, Ojulari told hundreds of staff members that the decision not to sell was not a reversal, but a clarification informed by “ongoing detailed reviews.”

He emphasized that NNPC Ltd is determined to reposition itself as a commercially driven and professionally managed national energy entity.

He described the current focus as one aligned with transparency, national interest, and stakeholder confidence.

Executives from NNPC’s upstream, downstream, finance, business services, gas, power, and new energy sectors presented progress reports at the meeting, highlighting ongoing reforms and operational achievements.

They also pointed out areas where urgent improvements are required.

Ojulari acknowledged missteps from past administrations but stressed the importance of rebuilding trust and delivering results that align with the company’s strategic role as a national asset manager.

He stated that the aim is to ensure energy security for Nigerians while preserving vital infrastructure under national control.

The declaration was reportedly met with loud applause by staff members, who saw the statement as a signal of renewed business integrity and internal cohesion.

He concluded by reiterating NNPC Ltd’s resolve to complete the rehabilitation of all three national refineries, Port Harcourt, Kaduna, and Warri, as part of the broader effort to achieve fuel sufficiency and reduce Nigeria’s reliance on imports.

This reaffirmation comes at a time when Nigeria’s energy sector is under increased scrutiny due to rising fuel costs, subsidy concerns, and the unending delays in domestic refining.

Industry analysts say NNPC’s latest statement could help calm public anxiety, but they urge the government to back the promise with verifiable action and timelines.

For now, the Port Harcourt Refinery remains a national asset, not for sale, but for full rehabilitation.

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