Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), revealed on Thursday, August 28, 2025, that Nigeria was losing between $300 million and $500 million monthly while the Port Harcourt Refinery was operational.
Speaking during a meeting with the leadership of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in his Abuja office, Ojulari detailed the decision to halt operations to address the refinery’s unsustainable financial losses.
Upon assuming his role, Ojulari prioritized a review of the refinery’s operations, discovering that despite processing 50,000 barrels of crude daily, the output was less than 40% of the input.
“Rather than continue to lose, we decided to stop and find a way to make the refinery sustainably profitable,” he said.
The NNPCL has completed technical and commercial reviews of its three refineries, concluding that partnering with a professional refinery company is the best path forward for Port Harcourt.
Discussions with potential partners are ongoing to ensure commercial viability.Ojulari emphasized that the decision to pause operations faced no political pressure from President Bola Tinubu to continue running at a loss.
“We are under attack, but we will not budge to short-term pressure. Transformation is tough, but it’s in Nigeria’s best interest,” he stated.
He assured stakeholders that once the refinery is restructured, workers will return, but stressed the need for cooperation to ensure sustainability.
“My commitment is that when this refinery is reworking, everybody will be back to work, but for now, we must ensure what we put in place is sustainable,” Ojulari added.
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