The Nigerian National Petroleum Company Limited (NNPC) has firmly ruled out the sale of the Port Harcourt Refining Company, putting an end to weeks of speculation about the future of one of the country’s most critical energy assets.
The state owned oil firm instead pledged to prioritise the full rehabilitation of the facility, emphasising its long term value to Nigeria’s energy security.
The announcement came during a company wide town hall meeting held at the NNPC Towers in Abuja on Tuesday, where Group Chief Executive Officer (GCEO) Bashir Bayo Ojulari addressed employees and stakeholders. “After a thorough technical and financial review, we have concluded that selling the Port Harcourt refinery is not in the national interest,” Ojulari declared.
“Our focus remains on completing its rehabilitation to world-class standards and ensuring it operates at full capacity for the benefit of all Nigerians.”
The decision marks a reversal from earlier considerations, which had hinted at possible divestment. Ojulari admitted that previous plans to restart operations before full rehabilitation were “ill-informed and commercially unviable.” He explained, “We now recognize that partial operation would only lead to further value erosion. What we need is a comprehensive upgrade, backed by the right technical partnerships, to make this refinery sustainable.”
The clarification follows Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, where he told Bloomberg that “all options were on the table” regarding Nigeria’s refineries.
That statement had triggered widespread speculation, with industry analysts and media outlets debating whether the federal government was preparing to privatize the facility.
However, Wednesday’s announcement provided a definitive answer. “Let me be clear: the Port Harcourt refinery is not for sale,” Ojulari stressed. “Our mandate is to safeguard national assets, and we are committed to delivering a refinery that meets international operational standards.”
The declaration was met with applause from NNPC staff, many of whom viewed the decision as a vote of confidence in the company’s ability to manage Nigeria’s refining infrastructure. One senior engineer, who asked not to be named, described the move as “a relief.” “Selling the refinery would have been a short-term fix,” the engineer said. “But rehabilitation, if done properly, will create jobs, reduce fuel imports, and stabilize our energy sector for decades.”
Beyond Port Harcourt, the NNPC also provided updates on the Kaduna and Warri refineries, confirming that rehabilitation work is progressing—though challenges remain. Ojulari acknowledged past setbacks but assured stakeholders that a revised strategy is in place. “We have learned from earlier mistakes,” he said. “This time, we are taking a more disciplined, technically sound approach to ensure these refineries are not just repaired but transformed into modern, efficient facilities.”
The town hall meeting also served as a broader performance review, with NNPC’s executive team presenting updates across upstream, downstream, gas, and renewable energy operations. A recurring theme was the need for transparency and accountability—a shift employees welcomed. “For the first time in a while, there’s a sense of direction,” said a mid-level manager in attendance. “Leadership isn’t sugarcoating the challenges, but they’re also showing us the plan forward. That’s motivating.”
Ojulari, in his closing remarks, acknowledged the skepticism but vowed to deliver. “We understand the doubts, and we take them as a challenge,” he said. “This isn’t just about fixing machines; it’s about restoring trust. NNPC is evolving into a commercially driven, performance-focused institution, and we will not waver in our duty to Nigerians.”
The refinery’s retention aligns with the federal government’s broader energy security agenda, which seeks to reduce dependence on imported fuel and revive domestic refining capacity. With the Dangote Refinery already operational and the NNPC now doubling down on its own facilities, Nigeria’s long-standing fuel crisis could see significant relief—if commitments translate into action.
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