The Nigerian National Petroleum Company Limited’s (NNPC) assurance that it will not sell the Port Harcourt Refining Company is not enough to restore public confidence.
Development Diaries reports that the NNPC Group Chief Executive Officer (GCEO), Bayo Ojulari, recently announced that any plan to sell the Port Harcourt Refining Company has been ruled out.
He also reaffirmed the company’s commitment to completing high-grade rehabilitation and retention of the plant.
But this assurance is not enough.
After years of spending huge amounts on repairs, failed projects, and lack of transparency, many Nigerians no longer believe such promises.
The refinery, which received a $1.5 billion rehabilitation budget and was briefly reopened in late 2024, shut down again within weeks, dashing hopes of achieving domestic self-sufficiency in refined petroleum products.
This failure, after the refinery had been inactive for over 20 years, shows a loss of public trust.
The accountability deficit is further deepened by revelations of massive corruption tied to the refineries’ rehabilitation.
Recall that the Economic and Financial Crimes Commission (EFCC) recently arrested former managing directors over the alleged misappropriation of nearly $3 billion earmarked for the rehabilitation of the Port Harcourt, Kaduna, and Warri refineries.
This huge amount, almost 10 percent of Nigeria’s 2024 capital budget, shows just how much money has been wasted and how badly the oil sector has been managed.
Despite these developments, no clear framework has been presented for prosecuting wrongdoers or preventing future mismanagement.
Public disappointment has also grown because NNPC keeps sending mixed messages.
When GCEO Ojulari said ‘all options are on the table’ at the 2025 OPEC Seminar, it raised questions regarding the sale of the refinery, especially among Nigerians who already doubted the company’s plans.
The fact that NNPC had to clarify the statement just days later shows poor communication and a lack of planning from its leadership.
The explanation did not clear up the wider public concern about the long-term plan for Nigeria’s energy sector.
Nigeria’s dependence on imported refined petroleum clearly shows the state of the country’s refining capacity.
As of 2023, NNPC spent over $10 billion annually on fuel subsidies and imports due to non-functional refineries.
The commitment to complete rehabilitation is laudable, but given past failures, it must now be backed by a transparent implementation roadmap, regular public updates, and measurable progress indicators.
The time for vague promises and half-measures is over.
Development Diaries calls on the NNPC GCEO, Ojulari, and the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, to take decisive and transparent action to fix the broken refining system.
Nigerians deserve clear timelines, independent audits of the billions already spent, and regular public updates on the status of refinery projects. Those found guilty of mismanaging funds must face justice, without delay or political cover.
