On July 30, 2025, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, officially stated that the Port Harcourt Refinery is not for sale. The company reaffirmed its commitment to completing high-grade rehabilitation while retaining full ownership of the plant, warning that a sale could lead to significant value erosion.
This clarification came after Ojulari’s earlier remarks calling into question whether all options—including a sale—were on the table, as part of a broader strategic review of Nigeria’s refineries
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Background & Context
Ojulari defended the company’s position during a town hall meeting, noting prior missteps such as reopening the refinery before completing rehabilitation—as “ill-informed and sub-commercial”
The earlier interview statements referencing the possibility of selling Port Harcourt, as well as Warri and Kaduna refineries, were framed as part of an ongoing review process concluding before end of 2025.
While speculation was rife, company insiders emphasized that sale “is highly unlikely” given potential value loss.
Current Status
Sale of Port Harcourt Refinery Ruled out; NNPC won’t sell
Rehabilitation Ongoing with plans for high-grade technical partnerships
Strategic Review; Evaluating all options for Port Harcourt, Warri, Kaduna—sale only if it makes commercial sense.
Timeline Review expected to conclude by end of 2025
Bottom Line
The Port Harcourt Refinery is not up for sale. NNPC is actively working to complete its rehabilitation and retain the facility under national ownership. While broader options remain under review as part of long-term strategy, a sale is not currently planned given the risk of undermining the asset’s future value.
