Ojulari Reveals Sh*cking Losses At Nigerian Refineries: ₦500 Million Wasted Monthly

The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has explained the persistent challenges in rehabilitating the nation’s refineries.

Speaking on Thursday in Abuja while receiving a delegation from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), led by President Festus Osifo, Ojulari revealed that the NNPC was losing between ₦300 million and ₦500 million every month when he assumed office. He attributed the difficulties to years of neglect and systemic inefficiencies.

Ojulari said, “When you repair one part, another issue emerges. That’s why it has been extremely difficult to restore the refineries. On taking office, I made the refineries a top priority to assess if we could implement quick fixes.

At Port Harcourt, for instance, we were sending roughly 950,000 barrels to the refinery, but the mass balance showed that less than 40 percent of the input was being effectively processed.

Only half of the refinery was operational, producing mid-grade products instead of premium motor spirit, resulting in significant financial losses.

The old and new refinery sections were designed to work together, yet attempts to revamp the old refinery were insufficient, which hindered optimal production and profitability.”