Drama Ends? NNPCL Issues Final Verdict On Port Harcourt Refinery Sale

The Nigerian National Petroleum Company Limited (NNPCL) has officially dismissed any plans to sell the Port Harcourt Refining Company.

The declaration was made by NNPCL’s Group Chief Executive Officer, Bayo Ojulari, during a company-wide town hall meeting at the NNPC Towers in Abuja, effectively ending weeks of speculation surrounding the fate of Nigeria’s largest state-owned refinery.

According to a statement from NNPCL, the company remains committed to a comprehensive rehabilitation of the refinery and has no intention of divesting the asset.

“The Nigerian National Petroleum Company Limited has formally ruled out selling the Port Harcourt Refining Company,” the statement read. “We reaffirm our dedication to completing its high-level rehabilitation and maintaining ownership of the facility.”

The statement also noted that earlier plans to resume operations before the full completion of rehabilitation were found to be both unrealistic and economically unviable. As work continues on the plant, the company said it will pursue stronger technical partnerships to ensure the successful upgrade and long-term viability of the refinery.

“A sale is off the table,” the statement concluded, “as it would result in a loss of value.”

Meanwhile, the Senate Committee on Public Accounts has issued NNPCL a 21-day ultimatum to explain financial irregularities totaling ₦210 trillion. This follows a request by CEO Bayo Ojulari—who has been in office just over 100 days—for more time to thoroughly review and reconcile issues raised in the company’s audited financial reports from 2017 to 2023.