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.

The naira continued to nosedived against the dollar at the official foreign exchange market on Wednesday.

According to the Central Bank of Nigeria’s data, the naira weakened slightly to N 1,531 per dollar on Wednesday from N 1,529.22 exchanged on Tuesday.

This means that the naira dropped by N1.78 against the dollar on a day-to-day basis, the highest depreciation this week.

Meanwhile, at the black market, it remained unchanged at N1,550 per dollar on Wednesday, the same rate exchanged on Tuesday.

This comes as CardinalStone’s mid-year outlook predicted that Nigeria’s external reserves are expected to rise to $41 billion by year-end.

Beginning in January 2026, every bank in Nigeria will have to report any account that sees more than ₦5 million in monthly transactions to the Federal Inland Revenue Service (FIRS).

This initiative is part of a new tax law designed to enhance tax compliance and broaden the country’s revenue base. However, Nigerians are already voicing their concerns:

“Isn’t this just another surveillance law dressed up as reform?” “Why not focus on tracking corrupt officials instead of putting pressure on honest business owners?”

While the FIRS argues that this is a step towards combating tax evasion, critics worry it could lead to harassment of small businesses, compromise financial privacy, and add more red tape in an already challenging economic landscape.

Will this change affect you or someone you know? What will it mean for the average entrepreneur, freelancer, or small to medium-sized enterprise?