Sh*ck Move: Tinubu’s Energy Adviser Reveals FG Plans To Sell NNPC Refineries

The Federal Government has indicated its willingness to sell the Nigerian National Petroleum Company Limited (NNPCL) refineries if suitable technical and financial partners are identified, according to Olu Verheijen, Special Adviser to President Bola Tinubu on Energy.....KINDLY READ THE FULL STORY HERE▶

Verheijen made this known in an interview with Bloomberg TV on the sidelines of the ADIPEC Energy Conference in Abu Dhabi, United Arab Emirates, on Tuesday. She explained that the move forms part of wider reforms aimed at boosting competition and efficiency in Nigeria’s downstream oil industry.

According to her, the sale of the refineries remains one of several options under consideration to revitalise the struggling sector.

“It’s one of the options we must explore if we find the right technical partner with the necessary capital,” Verheijen stated.

She noted that Nigeria’s state-run refineries had for years been sustained through government subsidies, a practice that distorted the market and stifled growth.

“But now that subsidies have been removed, the distortions in that market are gone,” she added.

In October, NNPC announced it had commenced a comprehensive technical and commercial review of its three major refineries — Warri, Port Harcourt, and Kaduna — to assess their operational viability.

Similarly, on July 11, the Group Chief Executive Officer (GCEO) of NNPC, Bayo Ojulari, admitted that the refinery rehabilitation process had become “a bit more complicated,” adding that the company aimed to conclude its review before the year’s end.

Verheijen further revealed that the Federal Government’s long-term vision includes a potential public listing of NNPC, describing it as “an end destination.”

“What’s important to shareholders is that NNPC becomes more transparent, more efficient, and truly delivers,” she said.

She stressed that President Tinubu’s administration is determined to ensure that NNPC operates according to global standards of transparency and accountability.

Ojulari also affirmed that the company continues to strengthen transparency measures in preparation for the highly anticipated initial public offering (IP