Bulk petroleum retailers in Port Harcourt have pushed back against recent comments made by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Bayo Ojulari, regarding the shutdown of the Port Harcourt refinery.
During his inaugural town hall meeting at NNPC Towers, Ojulari claimed the refinery was incurring heavy losses before rehabilitation efforts were paused.
According to him, the facility was processing only about 40% of its 50,000 barrels-per-day crude input, resulting in losses of up to N500 million monthly.
“When I resumed, one of my first priorities was the refinery. A quick review showed we were losing between $300 million and $500 million monthly,” he said.
“Rather than continue to bleed resources, we decided to halt operations and seek a sustainable, profitable solution.”
However, the Host Community Bulk Petroleum Retailers criticized Ojulari’s remarks. In a statement by group official Joseph Obele, they alleged that the GCEO’s position supports suspicions that he may be acting in the interest of a private refinery operator rather than national assets.
“Ojulari’s claim that the refinery was losing money confirms our fears that he may be aligned with private refinery interests, sidelining the Port Harcourt facility despite massive investments in its rehabilitation,” the statement read.
The retailers further accused NNPC Ltd of shutting down the refinery prematurely, suggesting that operations could have continued during the review process.
They highlighted the significant public funds already invested in the project and questioned why a national asset would be left idle.
Calling for a policy reversal, the group urged President Bola Tinubu to prioritize the revival of Nigeria’s public refineries in Port Harcourt, Warri, and Kaduna as a means to grow the GDP and generate employment.
“We call on President Tinubu to urgently intervene and ensure our refineries are restored to full functionality,” they stated.
Meanwhile, Ojulari has emphasized that achieving the President’s broader energy goals including boosting oil and gas production and expanding local refining capacity will require $60 billion in new investments.
He noted that attracting such capital depends on sustained sector reforms, investor confidence, and strengthened collaboration with regulators and transparency agencies such as NEITI.
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