A major strategic shift may be underway at the Nigerian National Petroleum Company Limited (NNPCL), according to its Group Chief Executive Officer, Bayo Ojulari. In a Wednesday interview with Bloomberg from Vienna during an OPEC seminar, he revealed that Phase 1 of the company’s comprehensive refinery review, which includes the Warri, Port Harcourt, and Kaduna refineries, will conclude by December 2025. The goal is to determine whether continuing rehabilitation makes sense, or if a sale should be considered.
Ojulari candidly admitted that significant investments and imported technologies have so far failed to meet expectations: “Some of those technologies have not worked as expected,” especially given the lengthy dormancy of these ageing facilities. He emphasised that all options: rehabilitation, sale, or otherwise, are on the table pending the review’s outcome.
When pressed on the possibility of divesting the assets, Ojulari did not rule it out. “Sale is not out of the question; all the options are on the table,” he said, noting that any final decision hinges on the results of the year-end review. The Port Harcourt refinery briefly resumed operations in November 2024 before shutting down again in May 2025 for maintenance, while the Warri and Kaduna refineries remain under refurbishment.
Stakeholders and market watchers are now awaiting the review’s conclusion, which could redefine Nigeria’s petroleum sector strategy.
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