The Nigerian National Petroleum Company Limited (NNPCL) has denied allegations that it is selling scrap equipment from the nation’s refineries.
The company’s management said reports suggesting plans to dispose of refinery assets as scrap are false and misleading. It maintained that the refineries are not for sale and remain strategic national assets under rehabilitation.
Group Chief Executive Officer, Bayo Ojulari, had earlier clarified that while all options are on the table regarding the refineries, selling them is highly unlikely as it would lead to further value erosion.
He noted that the decision to operate the Port Harcourt refinery before full completion of its rehabilitation was ill-informed and sub-commercial.
Ojulari added that NNPCL is pursuing more advanced technical partnerships to complete and upgrade the rehabilitation of the Port Harcourt refinery, with progress also being made on the Warri and Kaduna refineries.
The clarification follows widespread speculation after Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, which triggered headlines about the future of Nigeria’s refining assets.
NNPCL restated its mandate as a strategic custodian of national energy infrastructure and its commitment to the complete rehabilitation and long-term viability of the refineries.
The company’s position comes amid ongoing scrutiny of refinery spending. The Auditor-General’s 2021 report alleged that NNPCL failed to account for over N825 billion and $2.5 billion meant for refinery rehabilitation and repairs, with over N82 billion specifically unaccounted for. SERAP has since called for accountability over the funds.
Meanwhile, former Vice-President Atiku Abubakar has urged NNPCL to discontinue any proposed refinery deals, arguing that the refineries should have been sold before rehabilitation to avoid “ballooning debt.”
NNPCL said the town hall where the clarification was made drew applause from staff, who described the position as a renewed sense of business-focused direction.
