Abuja, July 31, 2025 – The Nigerian National Petroleum Company Limited (NNPCL) will complete the rehabilitation of the Port Harcourt Refinery rather than sell the company now.
Bayo Ojulari, its Group Chief Executive, disclosed this in Abuja on Wednesday at a town hall meeting at the NNPC Towers.
He said the earlier proposal to sell the company was “ill-advised and sub-commercial.”
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and sub-commercial.
” Although progress is being made on all three, 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.
“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 said.
