By Abiola Olawale
The Nigerian National Petroleum Company Limited (NNPCL) says it is exploring the potential sale of its state-owned refineries in Port Harcourt, Warri, and Kaduna, following an estimated $18 billion spent on rehabilitation efforts that have yet to yield sustainable results.
This revelation came from NNPCL’s Group Chief Executive Officer, Bayo Ojulari, during an interview with Bloomberg on the sidelines of the 9th OPEC International Seminar in Vienna, Austria.
Ojulari disclosed that the rehabilitation of the ageing refineries has proven far more complex than anticipated, with technologies employed failing to deliver expected outcomes.
He said: “What we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now.
“So, refineries, we made quite a lot of investments over the last several years and brought in a lot of technologies. We’ve been challenged.
“Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated.
“So we’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently.”
The Port Harcourt refinery, which briefly resumed crude oil processing in November 2024, was shut down again in May 2025 for maintenance and sustainability assessments.
Meanwhile, the Warri and Kaduna refineries remain under rehabilitation, with no clear timeline for operational recovery.
Ojulari’s revelation comes after Aliko Dangote, President of the Dangote Group, expressed skepticism about the refineries’ future, stating during a tour of his Lekki-based refinery by a visiting team, that they(Refineries) “may never work again.”
