NNPC's Bayo Ojulari Outlines New Refinery Profitability Strategy
The Nigerian National Petroleum Company Limited (NNPC), under the leadership of Group Chief Executive Officer Bayo Ojulari, declared that it will cease rehabilitation of its state-owned refineries unless a clear path to profitability is established. During a media session in Abuja, Ojulari explained that the crude supply to the Dangote Petroleum Refinery is partially in naira and partially in dollars due to foreign currency obligations.
He emphasized the need for a self-sustaining and profitable refinery, stating that previous rehabilitation models lacked incentives for contractors to ensure commercial success post-repair. NNPC has learned from past experiences and is now pursuing technical equity partners who will have a stake in the refinery's performance.
Ojulari noted that the company has stopped using crude oil to fund rehabilitation efforts that did not yield positive outcomes, which has contributed to improved revenue in 2025.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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