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| Group CEO NNPC Ltd, Engr. Bashir Bayo Ojulari addressing the company’s staff during a Townhall held at the NNPC Towers, in Abuja, on Tuesday, July 29, 2025 |
The Nigerian National Petroleum Company Limited (NNPC Ltd) has firmly dismissed any plans to sell the Port Harcourt Refining Company.
The company instead, emphasized its dedication to completing a comprehensive, high-quality rehabilitation of the refinery, ensuring its continued operation and long-term retention.
The Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, announced this at a company-wide town hall meeting on Tuesday, July 29, 2025, at the NNPC Towers, 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.
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, Ojulari said in a press statement issued by the company.
Although progress is being made on all three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely as it would lead to further value erosion.
The announcement 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.” The comment sparked speculation and headlines about the future of the nation’s refining assets.
The declaration was received with 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.
In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
The announcement, according to a press release by the company, 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.
Feedback during and after the session, it added, revealed a workforce energised and aligned with the leadership’s vision. Described as “reassuring,” “transformational,” and “sustainable,” the atmosphere, the statement maintained, reflected an optimist outlook among employees and hopefulness about the company’s evolving strategic direction.
“NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians,” Ojulari concluded in the press statement.
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