NNPC GCEO Bayo Ojulari says the company cannot profitably run refineries, citing heavy losses at Port Harcourt and crediting the Dangote Refinery with easing supply pressures.
The Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, says the company lacks the capacity to operate refineries profitably, describing the reactivation of the Port Harcourt Refinery as a waste of resources. He spoke at the 2026 Nigerian International Energy Summit in Abuja.
“The first thing that became clear was that we were running at a monumental loss to Nigeria,” Ojulari said, adding that NNPC is seeking experienced refinery operators. “Thank God for Dangote Refinery… that gave us breathing space because we now have a refinery that is working,” he noted.