The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially dismissed growing rumors surrounding the potential sale of the Port Harcourt Refining Company, affirming that the facility is not on the market and remains a strategic asset under national ownership.

The clarification came via an official press statement posted across NNPC’s social media platforms on Wednesday. The announcement was made by the Group Chief Executive Officer, Bashir Bayo Ojulari, during a company-wide town hall meeting held on Tuesday at the NNPC Towers in Abuja. Addressing hundreds of staff members, Ojulari set the record straight regarding recent interpretations of his comments at the 2025 OPEC Seminar in Vienna, Austria.

Remarks Misconstrued, Says NNPC

Ojulari’s previous statement during an interview with Bloomberg—where he noted that “all options are on the table”—had sparked intense speculation across the media landscape. Many interpreted this as a hint that NNPC might be planning to divest its stake in one of Nigeria’s major refineries. However, the latest press release firmly described such interpretations as inaccurate and misplaced.

“Selling is highly unlikely as it would lead to further value erosion,” the statement emphasized. Instead of divesting, NNPC stated that it is pursuing “more advanced technical partnerships” aimed at fully completing and upgrading the ongoing rehabilitation of the refinery.

Refinery Operation Before Completion Deemed Unviable

The town hall meeting served as a critical forum for Ojulari to engage directly with staff and explain the organization’s refined strategy. According to the company, recent internal reviews revealed that the earlier plan to begin operations at the Port Harcourt refinery before fully completing its rehabilitation was “ill-informed and sub-commercial.”

The review also covered the Kaduna and Warri refineries, with Ojulari noting that while progress is being made on all three, the technical and financial findings necessitate a more prudent approach.

Strategic Shift, Not a Policy U-turn

Ojulari emphasized that the company’s current direction does not represent a policy reversal. Instead, he characterized it as a realistic adjustment informed by updated technical insights and economic evaluations. “This is not a shift,” he said, “but a logical response to the realities emerging from our review of the refineries.”

He also reiterated NNPC’s core mandate as the strategic custodian of Nigeria’s energy infrastructure, noting that retaining critical assets such as refineries remains a top priority in support of the Federal Government’s broader energy security objectives.

Employee Morale Boosted, Vision Reaffirmed

According to the release, the town hall meeting served not only as a performance review but also as a morale booster for staff. The announcement of NNPC’s unwavering stance on refinery retention was reportedly met with widespread applause, with employees describing the declaration as “reassuring” and “transformational.”

Feedback from participants reflected a collective sense of optimism and renewed alignment with the company’s long-term vision. The company also used the platform to present progress reports from several of its strategic business units, including Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy.

These reports highlighted operational milestones, ongoing reforms, and critical areas for improvement, underscoring the company’s resolve to become more commercially viable and performance-driven.

Acknowledging Past Missteps, Focusing on the Future

In a rare moment of candor, Ojulari acknowledged that past decisions—such as the premature plan to operate the refinery—were misjudged. However, he stressed that those experiences have now informed a clearer, more strategic direction.

The new roadmap places emphasis on completing the rehabilitation work with the help of stronger technical partners, rather than cutting corners. According to Ojulari, this approach aligns better with national interest, ensures long-term refinery viability, and prevents further financial waste.

Rehabilitation Not Divestment

The overarching message from NNPC is unambiguous: the Port Harcourt Refinery is not for sale. Rather than entertaining divestment, the company is doubling down on its rehabilitation efforts, aiming to position the refinery as a fully functioning asset capable of contributing to Nigeria’s refining capacity and reducing the country’s reliance on imported petroleum products.

NNPC also highlighted that any move to sell would contradict the country’s strategic energy objectives and result in greater economic and infrastructural setbacks.

Long-Term Investment in Energy Infrastructure

The company reiterated its commitment to transforming itself into a transparent, professionally managed, and commercially viable national oil company. Ojulari concluded by assuring Nigerians that NNPC will continue to reposition itself in line with its statutory responsibilities.

“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,” the company stated.

Final Note

As Nigeria faces growing energy demands and an increasingly volatile global oil market, NNPC’s decision to retain control of the Port Harcourt Refinery signals a commitment to energy independence and national economic sustainability. While rumors may persist, the message from NNPC is clear: no sale, just a stronger push for completion, productivity, and strategic reform.