Buyers Beware: Port Harcourt Refinery Not for Sale, Says NNPC

The management of the Nigerian National Petroleum Corporation (NNPC) has reaffirmed its stance that the Port Harcourt Refinery is not for Sale. This was unequivocally stated by the Group Chief Executive Officer, Engr Bayo Ojulari at a company-wide town hall meeting yesterday, Tuesday 29, at the NNPC Towers in Abuja.

Engr Ojulari stated that this current stance was not a shift from earlier positions but rather an affirmation of the need to wait on the ongoing detail technical and financial reviews of the three refineries operated by the NNPC; Port-Harcourt, Warri and Kaduna.

Ojulari made particular reference and addressed reactions to his remarks at the 2025 OPEC Seminar in Vienna, where he indicated that all “all options are on the table” pertaining to the refineries. He clarified that the current outlook does not support a sale, as such a move in the state the refineries are in would amount to value erosion.

In a statement released moments ago to the media, the NNPC Helmsman lampooned the decision by previous management to partially operate the port-harcourt refinery without completing its full rehabilitation, calling it “ill-advised and non-commercial”.

Instead, he outlined the need for more advanced technical partnerships to fully complete the refinery’s rehabilitation and maximise its long-term viability.

The announcement was met with widespread applause from staff members, who described it as a demonstration of strong leadership and strategic clarity. The town hall also featured presentations by Executive Vice Presidents across NNPC’s various business arms—including Upstream, Downstream, Gas, Power, Finance, Business Services, and New Energy—each sharing operational highlights, reform milestones, and performance targets.

The session, attended by hundreds of staff, provided a platform for executive updates, cross-departmental engagement, and clarification on recent speculations concerning the company’s refining assets.