By Muhammad Mamman
Nigeria’s state oil company was bleeding between $300 million and $500 million every month while operating the Port Harcourt Refinery, according to Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL).
Ojulari disclosed this during a meeting with leaders of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja, saying the refinery’s inefficiency forced an immediate freeze.
“When I resumed, one of my first priorities was the refinery. After a quick review, I discovered that we were pumping about 50,000 barrels of crude in, yet less than 40% of that value was coming out,” Ojulari said. “It made no sense to continue losing billions, so we halted operations to seek a sustainable solution.”
The NNPCL boss revealed that both technical and commercial reviews of Nigeria’s three refineries have been completed, with the Port Harcourt facility requiring private-sector participation to ensure viability.
“The best way forward is to bring in a professional refinery operator to partner with us,” Ojulari explained. “It’s not just about technical fixes; it must also be commercially sound. We cannot keep pouring money into a venture that loses instead of earns.”
Ojulari emphasised that President Bola Tinubu had not pressured the NNPCL to make politically motivated decisions. “There was no negative political pressure to keep running at a loss,” he said. “Our mandate is to make sure whatever we do is sustainable for Nigerians.”
While acknowledging the hardships caused by the halt, Ojulari assured workers that once the refinery is revived, jobs would return. “We are under attack, but we will not bow to short-term pressure. Transformation is tough, but necessary. When the refinery is back on track, everyone will be back at work.”
