NNPC Gives Reasons Port Harcourt Refinery Is Not for Sale Despite Dangote’s Warning
- The NNPC Limited has announced that there will be no sale of the Port Harcourt Refinery, which has been speculated in the media
- GCEO Bashir Bayo Ojulari is optimistic that the refinery will work and spoke on a partnership to complete the upgrade.
- The Port Harcourt refinery complex has a total capacity of 210,000 barrels per day, which includes an old 60,000 and a newer 150,000
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends. (edited)
The Nigerian National Petroleum Company Limited (NNPC) has stated that there are no plans to sell the Port Harcourt Refining Company.
Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, announced this during a town hall meeting at the NNPC Towers in Abuja.

Source: Twitter
The announcement comes in the wake of widespread speculation following his remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he said during an interview with Bloomberg that “all options are on the table.”

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The comment sparked speculation and headlines about the future of the nation’s refining assets.
Why NNPC will not sell PH refinery?
Ojulari, speaking at the town hall meeting, stated that selling the plant would risk further value erosion.
He admitted that the previous plan to commence operations at the Port Harcourt refinery before completing its full rehabilitation was wrong and has promised to complete high-grade rehabilitation and retention of the plant.
Ojulari said that the position isn’t a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
The statement noted:
"The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial, Ojulari said.
"Although progress is being made on all three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
"Thus, selling is highly unlikely as it would lead to further value erosion."

Source: Getty Images
Ojulari also said the state-owned firm remains focused on transparency and performance as it transitions into a fully commercial entity, aligned with Nigeria’s energy security goals, Punch reports.
Ojulari concluded:
"The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries. It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
"NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians."
Dangote says they may never work again
Earlier, Legit.ng reported that Nigerian Billionaire, Aliko Dangote, has shared reasons why government-owned refineries may never function again, no matter the amount of money invested by the government.
Dangote revealed that he was challenged to build the 650,000 capacity refinery after the federal government upturned his plans to acquire the NNPC refineries.
He narrated how he purchased the refineries under the administration of the then-President Olusegun Obasanjo, and had to return them to the government .
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Source: Legit.ng