By Charles Pemu 
ABUJA, NIGERIA – The Nigerian National Petroleum Company Limited (NNPC Ltd) has definitively ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing a “high-graded rehabilitation” and retaining the plant.
Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, made the announcement at a company-wide town hall meeting on Tuesday in Abuja. He clarified that this stance is not a shift in policy, but rather an outcome of ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
Ojulari explained that the review indicates an “earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.” While progress is being made on all three refineries, the emerging outlook necessitates “more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.” Selling the asset at this stage, he stressed, would lead to “further value erosion.”
The announcement comes amidst widespread speculation that followed Ojulari’s remarks at the 2025 OPEC Seminar in Vienna earlier this month, where he stated during a Bloomberg interview that “all options are on the table,” sparking rumors about the future of the nation’s refining assets.
The declaration was met with applause from hundreds of NNPC staff attendees, who viewed the decision as a renewed focus on business-driven direction within the organization. The town hall also served as a platform for candid engagement, with Executive Vice Presidents presenting progress reports across various business segments, highlighting achievements, reforms, and areas needing attention. Ojulari acknowledged challenges and past missteps, outlining a clear roadmap for the future.
This announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure, signaling a firm resolve to ensure the complete rehabilitation and long-term viability of Nigeria’s refineries. It also aligns with the Federal Government’s broader energy security objectives and commitment to retaining critical national assets.
Feedback from the session indicated an energized workforce aligned with the leadership’s vision, expressing optimism about the company’s strategic direction. Ojulari concluded by reiterating NNPC Ltd’s commitment to being a commercially driven, professionally managed national energy company grounded in transparency, performance-focused, and dedicated to its primary stakeholder: Nigerians.