The Nigerian National Petroleum Company Limited (NNPCL) is evaluating the potential sale of its major refineries in Warri, Port Harcourt, and Kaduna as part of a comprehensive review aimed at revitalizing the nation's oil sector. This consideration follows statements by NNPCL's Group Chief Executive Officer, Bayo Ojulari, indicating that all options, including divestment, are on the table pending the outcome of ongoing assessments.
Ojulari, appointed in April 2025, has initiated significant changes within NNPCL, including the dismissal of managing directors overseeing the three refineries. These actions are part of efforts to address inefficiencies and financial losses attributed to outdated infrastructure and underperformance. [2]
The refineries have been under scrutiny due to substantial investments in rehabilitation projects that have yet to yield expected results. For instance, the Warri refinery underwent a $897 million revamp but ceased operations shortly after due to safety concerns.
Ojulari's leadership has faced criticism from various groups, including the Coalition of Nigerian Patriots for Good Governance, which accuses him of undermining national energy security and pursuing privatization agendas without adequate stakeholder engagement.
As NNPCL continues its review, the potential sale of these refineries remains a contentious issue, reflecting broader debates about the future of Nigeria's oil industry and the balance between public ownership and private sector involvement.
Note: The information provided is based on available reports and statements as of July 2025. Further developments may have occurred since then.
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