By Suleiman Anyalewechi
The authorities of the Nigeria National Petroleum Company Limited, NNPCL, on Wednesday, July 30, 2025, ruled out the possibility of selling the nation’s three major refineries in Port Harcourt Warri and Kaduna.
This is as they signaled their intentions to further invest in the efforts to revamp the ailing refining outfits for the benefit of Nigerians.
The Source reports that speculations have been rife, of late, suggesting that the Refineries, which have gulped billions of dollars to bring them back to life, will be sold out to private entities.
The rumoured planned disposal of the national assets was accentuated by fears expressed by Nigeria’s business mogul and proprietor of the only, and biggest private petroleum refining company, Aliko Dangote, that the nation’s refineries may not work optimally again.
But a statement from the NNPCL on Wednesday quoted the Executive Officer, GCEO, Bashir Ojulari, of reaffirming to complete the rehabilitation and retention of the refining companies
Ojulari who revealed this much at a town hall meeting, categorically, stated that the ongoing detailed technical and financial reviews of Warri, Kaduna and Port Harcourt Refineries, are aimed at completing the process of their rehabilitation.
The NNPCL’S GCEO blamed the current travails of the refining companies on the decision to kick- start operations without a hundred percent completion of the rehabilitation process.
He described the decision as ill-timed and sub-commercial.
Nothwithstanding the significant progress which has been made in the revamping process, Ojulari insisted that realities on the state of the refineries call for the deployment of more advanced, sophisticated technology and technical partnership before achieving their complete and high-grade rehabilitation.
According to him, disposal of the valuable national assets at their present state, would result in monumental value erosion .
“The announcement comes in the wake of of widespread speculations following his ( GCEO’s ) 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.” The comment sparked speculation and headlines about the future of the nation’s refining assets .
The declaration was received with applause from hundreds of staff attendees who described the position as a renewed sense of business-focused direction across the organization.
“The town hall served as more than a performance update. It was an opportunity for candid, and constructive engagement.
“The Executive Vice President presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power and New Energy businesses, highlighting operational achievements , ongoing reforms ,and areas requiring attention.
“In a tone marked by honesty and leadership challenges, earlier missteps were acknowledged, and a clear roadmap was outlined for the journey.
” The announcement reinforces NNPCL’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”, the NNPCL’S statement reads in part.
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