Economy
NNPCL may sell Warri, Port Harcourt, Kaduna refineries after 2025 review – Ojulari
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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has stated that the sale of the country’s non-performing refineries, including those in Warri, Port Harcourt, and Kaduna, remains a possibility as the company undertakes a full review of its downstream operations.
Ojulari made this known in an interview with Bloomberg on the sidelines of the 9th Organisation of Petroleum Exporting Countries International Seminar in Vienna on Thursday.
He said, “We’ve made quite a lot of investments in our refineries over the last several years and brought in a lot of technology. We’ve been challenged – some of those technologies have not worked as expected so far. But also, as you know, when you are refining a very old refinery that has been abandoned for some time, what we found is that they are a little bit more complicated.
“So, we are reviewing all our refinery strategies now. We hope that before the end of the year, we will conclude that review. That review will lead us to doing things slightly differently.”
When asked about the possible sale of the old refineries, Ojulari said, “I can’t say that now. But what we are saying is that sale is not out of the question. But all the options are on the table. But that decision will be based on the outcome of the review.”
The NNPC boss explained that the government had to overhaul crude infrastructure security, working closely with government agencies and local community surveillance groups to safeguard critical oil infrastructure.
Ojulari insisted that the new model, which replaced the former reliance on policing, had yielded more sustainable results in pipeline availability.
He added, “I can give a lot of assurances concerning our pipelines because where we are, we have come a long way. It wasn’t a quick fix. It took several years to get the government’s policies aligned. We have now gotten government security agencies also working with local surveillance groups, who are from the communities, providing sustainability and jobs for the community.
“What we have now is a bit more sustainable. In the past, it was around the use of policing, and it was very clear that policing alone wasn’t going to work. We needed to create a sustainable means of livelihood and interdependency with the community. So my confidence is built on the premise that today’s security is driven by the communities, far more than what we had before. So, I am quite optimistic.”
The NNPC helmsman also addressed questions on crude supply to the Dangote Refinery. According to him, the company will not be compelled to buy local crude by government policy, stressing that all transactions would remain commercial.
“First of all, Dangote refinery is a commercial investment, and I think it is very important to keep that in mind. It is a commercial investment and not a national investment. So, the refinery has the flexibility to be able to import crude for its survival and also has the flexibility to serve all customers.
“If we look at it commercially, yes, we will have to do more to ensure that there is a balance in terms of the crude coming from Nigeria. We are working on that, and it will improve. But what we want to do is move away from government domination of private sector businesses. We want the private sector to have freedom, and that is what the government has been doing. So, if Nigeria is going to supply more crude to the Dangote refinery, it will be on a commercially willing buyer, willing seller basis and not because it is a policy.”
Ojulari said Nigeria was ramping up production with a medium-term goal to hit 2.06 million barrels per day by 2027.
According to him, in March, the country produced about 1.56 million barrels per day and now at 1.63 million, including condensates.
He stated that by the end of 2025, the NNPCL is hoping to clock 1.9 million barrels daily.
On gas production, he added that Nigeria also plans to raise output from 7 billion cubic feet to 10 billion cubic feet by 2027.
The Kaduna, Port Harcourt, and Warri refineries are Nigeria’s state-owned refineries.
The lack of functional refineries has compelled the country to depend heavily on imported refined petroleum products, significantly impacting the national economy.
In May 2023, Africa’s largest oil refinery, the Dangote Refinery, was commissioned in Nigeria, with hopes that it would help alleviate the country’s chronic fuel shortages.
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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