Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has refuted claims made by Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, regarding the Nigerian National Petroleum Company Limited (NNPCL).
Busari, representing the Minister at the inaugural Crude Oil Refiners Association of Nigeria (COREN) Summit in Lagos, suggested that NNPCL should cease operations at the country’s refineries and instead take equity stakes in private refineries. He emphasized the need for NNPCL to invest in upcoming refineries rather than managing its own.
In a swift rebuttal however, the Oil Minister, Lokpobiri, has clarified the statement, asserting he never directed the NNPCL to halt its refinery operations. He reiterated that this claim does not reflect his position as Minister or the Federal Government’s stance.
Lokpobiri explained that NNPCL operates under the Companies and Allied Matters Act (CAMA) with its own board and management, independent of direct control by the Ministry of Petroleum Resources. He emphasized that the oil and gas sector is fully deregulated, and the government is committed to promoting domestic refining.
He stated, “We encourage companies, including NNPCL, to operate independently, adhering to global best practices. While we provide strategic guidance, we do not interfere directly in their operations.”
Lokpobiri reaffirmed the government’s commitment to supporting the growth and independence of NNPCL, ensuring its operations align with international standards for efficiency, transparency, and profitability.
