News
NNPCL lost $500m monthly to refineries operation-Ojulari reveals
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2025/06/NNPCL-Bayo-Ojulari.jpg&description=NNPCL lost $500m monthly to refineries operation-Ojulari reveals', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2025/06/NNPCL-Bayo-Ojulari.jpg&description=NNPCL lost $500m monthly to refineries operation-Ojulari reveals', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The country lost between $300 million and $500million monthly while the Port Harcourt Refinery was operating, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari said on Thursday.
He said: “When I resumed, one of the first priorities I focused on was the refinery. I did a quick review to see if we could quickly fix it.
” What I found is that we were losing between $300 million to $500 million on a monthly basis in the refinery.
“We were pumping about 50,000 barrels of crude to go into the refinery. What was coming out was less than 40 per cent equivalent of what was coming in.”
Ojulari said this when he met with the leadership of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in his office at Abuja.
The Port Harcourt Refinery, after years of being in comatose, started working in November, 2024 when former GCEO Mele Kyari announced the reopening to a wide applause by Nigerians, but the operation was halted in May, barely one month after Ojulari’s resumption.
Ojulari, who assumed office on April 2, the same day Kyari was relieved of the job, said he halted the operation of the refinery to prevent further losses and work towards a sustainable arrangement.
He said the NNPCL was working to revive the moribund refineries to operate at full capacity by adopting the Nigeria Liquefied Natural Gas (NLNG) model (Public, Private, Partnership), which PENGASSAN advocated during the meeting.
The NNPCL chief said talks were on to find a viable solution to the refining crisis, ensuring the refineries become a sustainably profitable venture.
He said the national oil company had concluded a technical review for the three refineries, pointing out that the long term neglect and lack of maintenance were major reasons behind the huge losses recorded monthly, despite the huge investments to make them work
The NNPCL chief explained that a lot of money has been spent on these refineries, but admitted that it’s been challenging to translate those funds into profitability.
He likened the situation of the refineries to parking an old car for some time without any greasing and oiling. He added that the Port Harcourt refinery has been difficult to put back because of years of neglect and it’s been difficult: when you fix one thing, the other thing is still there.
Turning to PENGASSAN, Ojulari said: “The solution you are proposing (the NLNG model) is what we are working on. We’ve completed technical review of the three refineries, but it’s not just about technical. It’s also about commercial viability, it has to make money. Maybe not a lot, but it should not be making a loss.
“We’ve completed the commercial review for the Port Harcourt refinery and from that commercial review, we have come to the conclusion that the best way forward is to get a true professional refinery company to join us and co-operate with us.
“We’ve been having meetings with potential parties, but we need to find the pathway that will work. We’ve also realised that it was not in the best interest of Nigeria, not in the best interest of NNPCL, that we will continue to put money into a place where we do not have the full ability to fully operationalise.
“So, when we bring in partners, we can work with them.”
Ojulari appealed to Nigerians, contractors, traders and beneficiaries to be patient with the shutdown of the refineries.
In the course of the briefing, the NNPCL chief said his team was facing attacks, but said he will not be deterred. “We are under attack. We will not budge to short-term pressure, as it will not be in the best interest of Nigerians. You cannot drive change without a price, and the transformation is tough,” he said, adding that patience will be required from Nigerians to get to the other side of change, which will benefit the citizens.
He restated his commitment to stay focused in driving the mandate given to the team by President Bola Ahmed Tinubu.
“Tinubu did not put pressure on me to go and do the wrong thing. The baseline was to go and ensure that whatever we’re doing, going forward, sustainably works. There’s no need for us to pretend, there was no negative political pressure for NNPCL to just continue to run at a loss, so we decided to freeze on it, and we’ve been working astutely fine.
“My commitment is that when this refinery is reworking, everybody will be back to work but for now, we all need to co-operate and work together to ensure that whatever we put in place is sustainable.”
Ojulari declared that he is not a politician, saying that he will have to learn a bit more about politics. “I’m not hiding from anybody. I’m not a politician. I will have to learn a bit more about politics, but for me, it is a development plan, and I’m ready to learn.”
The NNPCL chief raised concerns about threats to his life, and some members of the company’s management, saying his major “offence” was the reforms he introduced in the oil and gas sector in line with President Tinubu’s directive to revive the country’s ailing refineries. He said some powerful interests were plotting to unseat him, but insisted that he remained focused on ensuring the success of the refinery rehabilitation plan.
Osifo said the pipelines have been working optimally since Ojulari became the GCEO, leading to an increase in production.
He commended the management of NNPCL for moving beyond addressing the welfare of members.
While seeking answers to the reasons behind the shutdown of the refineries, Osifo noted that PENGASSAN was committed to supporting the NNPCL to stabilise the system, which has been bedevilled with so many challenges, including non-producing fields, to boost production to 2.6 million barrels per day next year.
The PENGASSAN president, who is also president of the Trade Union Congress (TUC), said: “Managing institutions as this and trying to bring about change, we know that there are always ups and downs, which is expected in life. But at PENGASSAN, we assure you that we are solidly behind you, that we will work with you, we will collaborate with you and your team to ensure the stability of the system, because for us, when the system is not stabilised, it has a way of trickling down to our members.
“We will work with you to ensure that the system is stabilised and to ensure that NNPCL continuously remains vibrant, the way it has been, and even to take it a notch higher, because today we are doing approximately 1.8 million barrels of crude.
“We believe that with a lot of capacities and experience that will be brought in, we’ll be able to bring about an improvement in our production”.
The tale surrounding the new development with the nation’s refineries, as painted by Ojulari, runs counter to that of his predecessor, Mele Kyari, who described the reopening of the Port Harcourt Refinery Company in Novembe,r 2024, as a monumental achievement for Nigeria, which signified a new era of energy independence and economic growth for the country.
In a statement, Kyari had said: “The Nigerian National Petroleum Company Limited (NNPCL) has fulfilled its pledge of re-streaming the Port Harcourt Refining Company (PHRC), signalling the commencement of crude oil processing from the plant and delivery of petroleum products into the market.”
Ojulari’s briefing yesterday is coming barely nine months after the Port Harcourt Refinery was adjudged fit for production by Kyari.
News
INEC unveils Final list of candidates for 2027 elections, Jonathan, Nwoko, Goje, others missing
The Independent National Electoral Commission (INEC) on Saturday released the final list of candidates for the 2027 general elections, bringing months of political uncertainty to an end.Several prominent politicians were absent from the list, including former President Goodluck Jonathan, whom the Tanimu Turaki-led faction of the Peoples Democratic Party (PDP) had claimed as its presidential candidate.
Also missing were the senator representing Delta North, Ned Nwoko; former Ogun State Governor Gbenga Daniel (Ogun East); former Gombe State Governor Danjuma Goje (Gombe Central); and the senator representing Kebbi South, Garba Maidoki.
The development comes two months after Senate President Godswill Akpabio assured lawmakers who lost their return tickets during the All Progressives Congress (APC) primaries that the party leadership was working to resolve grievances arising from the exercise.
Although the APC reinstated six serving senators after reviewing petitions submitted to its Primary Election Appeal Committee, several influential politicians who had hoped to benefit from the review remained excluded from the final list submitted to INEC.
In Delta State, Nwoko’s name was absent from the list displayed at the INEC office in Asaba, with former Delta State Governor Ifeanyi Okowa confirmed as the APC’s senatorial candidate for Delta North. The outcome confirmed Nwoko’s earlier defeat in the party’s primary election.
In Gombe State, former governor Danjuma Goje also failed to secure the APC ticket, losing to retired Deputy Commissioner of Police Mohammed Ahmed.
On the opposition side, former Governor Ibrahim Hassan Dankwambo emerged as the PDP candidate for Gombe North Senatorial District, while Senator Anthony Siyako secured the party’s ticket for Gombe South.
In Bauchi State, Senator Shehu Buba, who represents Bauchi South, and Mansur Soro, the member representing Darazo/Ganjuwa Federal Constituency, were also absent from the final list.
Buba, who was elected on the APC platform, will not seek re-election after defecting to the Peoples Redemption Party, where he secured the party’s governorship ticket. Soro had earlier announced that he would not contest either the Bauchi Central Senatorial seat or another term in the House of Representatives.
The APC’s review of its primary election results affected nine states — Kogi, Benue, Taraba, Ondo, Abia, Niger, Kwara, Kaduna and Ebonyi — and resulted in the reinstatement of Senators Sunday Karimi, Emmanuel Udende, Titus Zam, Shuaibu Isa Lau, Adeniyi Adegbonmire and Olajide Ipinsagba.
The party also replaced Edinburgh Uchenna Erondu with Prince Paul Ikonne as its candidate for Abia South Senatorial District.
News
Tehran Denies Negotiating With US After Trump Announces Talks
The rebuttal by the Iranian foreign ministry follows Trump saying he had held off launching new strikes on the Islamic republic to allow for further diplomatic efforts, a familiar pattern in the conflict.
Iran denied that any negotiations were taking place with the United States after President Donald Trump said new talks would begin Monday in an effort to end their war, now in its sixth month.
The rebuttal by the Iranian foreign ministry follows Trump saying he had held off launching new strikes on the Islamic republic to allow for further diplomatic efforts, a familiar pattern in the conflict.
Washington and Tehran have been at war since February 28, when the US and Israel launched surprise strikes against Iran, though months of on-off diplomacy have led to periods of relative calm.
Trump last week threatened to hit Iran “very hard”, with the US leader reportedly considering renewed attacks, including against energy infrastructure.
But the president pulled back from that threat Saturday, saying the “perimeters” of a deal were there.
Iran’s foreign ministry, however, denied there were currently negotiations taking place.
“We are not currently negotiating with the United States. Our negotiations are with Oman to secure passage through the Strait of Hormuz,” said foreign ministry spokesman Esmaeil Baqaei during a weekly press briefing.
The Hormuz shipping route is a major sticking point in efforts to end the war.
Iran has obstructed vessels attempting to pass the critical trade corridor, firing on commercial ships.
Before the war, there was free passage through the strait, but Iran now insists on retaining control and charging fees, something the US rejects.
The US-Saudi strikes killed at least 20 militants, including Iranians, according to the Hashed al-Shaabi.
Tehran has refused to let ships travel any route other than one which hugs the Iranian coast.
On Sunday, Baqaei told state television that a deal was close on managing Hormuz together with Oman, which sits on the other side of the narrow waterway.
“We are now going to reach an understanding on a route acceptable to both sides — neither the northern route nor the southern route — but one that respects the sovereign rights of both sides and safeguards our national interests and security,” he said.
But he insisted that such an agreement did not mean the reopening of the strait.
The Israeli bombardment of Lebanon has caused widespread destruction, mainly in the south, though violence has declined since the signing of a US-Iran memorandum last month and the Lebanon-Israel framework deal. Lebanon was drawn into the Middle East war on March 2 when Tehran-backed militant group Hezbollah launched attacks on Israel to avenge the killing of the Iranian leader. Israel has responded with broad strikes across Lebanon and a ground offensive.
On Sunday, a tanker off the coast of Oman reported hearing an explosion nearby, the United Kingdom Maritime Trade Operations (UKMTO) Centre reported, but the ship and crew were all reported safe.
Trump told reporters on Sunday that the new talks with Iran would cover Hormuz and ultimately the denuclearisation of Iran.
The US president said at the start of the conflict that the war was necessary to deal with Iran’s nuclear programme. Western nations accuse Iran of seeking a bomb, though Tehran insists the programme is entirely civilian in nature.
“Now what we’re doing is we’re talking to them in the form of a negotiation. It begins tomorrow afternoon,” Trump told reporters aboard Air Force One on Sunday, without providing details of the venue or participants.
The president said he had been asked by Iran as well as US partners Saudi Arabia, the United Arab Emirates and Qatar to hold off on further strikes, which he claimed would have been “the biggest attack since World War II”.
Iranian media denied that Tehran had asked Trump not to strike.
Trump has repeatedly claimed a settlement to end the war is near, only for fighting to resume. He has previously issued apocalyptic warnings to Tehran, only to later backtrack by saying diplomacy was underway.
A previous ceasefire deal between the foes fell through last month. It was supposed to open the Strait of Hormuz to ships carrying vital energy exports from the Gulf to feed the global economy.
Iranian lawmaker Hassan Ghashghavi, spokesman for the parliament’s national security commission, said on Sunday that mediators were trying to revive the US-Iran memorandum of understanding that was agreed in June.
That agreement was not intended as a final peace deal, but as a stepping stone to negotiations on a comprehensive agreement, though it did include provisions on Hormuz.
“They know that the main issue and, in fact, the key to the matter right now is the issue of the Strait of Hormuz, so yes, there is an exchange of views,” Ghashghavi said.
Posting on X, Iranian President Masoud Pezeshkian said: “We must strive to compel the enemy to remain committed to what it has signed.”
AFP
News
Kidnapped Kebbi Judge Faruku Bunza finally goes home after relaxing in abductors ‘paradise’ for one week
The High Court Judge kidnapped in Kebbi State one week ago, Justice Faruku Bunza, has regained his freedom and returned home safely after staying in abductors haven for one week.
This was contained in a statement issued on Monday, the Public Relations Officer of the Kebbi State Police Command, Bashir Usman, said the judge regained his freedom on Monday, adding that his release had been confirmed by both his family and the Kebbi State Ministry of Justice.
The police disclosed that although the kidnappers demanded a ransom, the Command maintained its policy against ransom payments.
Police authorities said security agencies have intensified investigations to track down those responsible for the abduction and ensure they are brought to justice.
The Command appealed to members of the public to provide useful information that could aid the ongoing investigation, assuring that all information received would be treated with strict confidentiality.
The police also expressed appreciation to residents and partner security agencies for their support and cooperation throughout the period of the judge’s captivity.
“We are in jubilation and full of gratitude to God for seeing our own return safely from captivity.
He was just released and has returned home now after spending one week with the bandits,” the relative said.
The family expressed appreciation to all those who stood by them during the ordeal.
“We sincerely thank and appreciate the Kebbi State Judiciary, the security agencies, and the entire people of Kebbi State who contributed in different ways, offered prayers, and sent messages of sympathy. Your concern and support gave us strength, and we are grateful for your solidarity,” the family member stated.
The source said details of how the judge was released will be made public later.
“Other details of how he was released will be made available later,” he added.
-
News19 hours agoJoint military task force rescue kidnapped Lt Col, civilian after 10-day search operation
-
News19 hours agoTroops rescue 34 abductees, nab ISWAP informant, recover arms
-
Crime24 hours agoHappening now: Bandits storm Kwara community, kill woman, kidnap resident, villagers flee
-
News20 hours agoJUST IN: Fire engulfs Lagos airport’s Terminal 2
-
Metro8 hours agoGunmen abduct Catholic seminarian, six others in Enugu
-
News8 hours agoTinubu’s Remarks On Flyovers Not Directed At Oborevwori – Waive
-
Economy8 hours agoDangote commits $800m to double Itori cement capacity
-
Opinion21 hours agoWhy continuity in the National Assembly leadership could benefit Nigeria

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login