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“NNPC Refineries Are Unsustainable – We Were Just Wasting Money” – Ojulari.

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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has revealed that Nigeria’s state-owned refineries were operating at “monumental losses,” prompting his management team to halt operations to prevent further financial drain on the country.....KINDLY READ THE FULL STORY HERE▶

Ojulari made the disclosure on Wednesday in Abuja during a fireside chat titled “Securing Nigeria’s Energy Future” at the Nigeria International Energy Summit 2026, offering a rare and candid assessment of the operational and commercial realities of the nation’s refining assets.

Acknowledging public frustration, Ojulari said Nigerians had every reason to be upset given the massive funds invested over the years.

“On the refineries, Nigerians were angry. A lot of money has been spent, and expectations were very high. So we were under extreme pressure,” he stated.

Reports indicate that Nigeria’s four state-owned refineries—Port Harcourt (two plants), Warri, and Kaduna—have absorbed billions of dollars in rehabilitation and maintenance costs over decades but have largely failed to sustain output.

Learning On The Job
Ojulari admitted that refining was not his area of expertise, having spent most of his career in the upstream sector.

“My background is upstream, so I was on a vertical learning curve. You are accountable, so you must learn very quickly. Otherwise, there is no escape,” he said.

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“We Were Running At A Monumental Loss”
According to Ojulari, a detailed operational review quickly revealed the true financial state of the refineries.

“The first thing that became clear is that we were running at a monumental loss to Nigeria. We were just wasting money. I can say that confidently now,” he declared.

He explained that NNPC was feeding crude oil into the refineries monthly, yet utilisation remained at only 50–55%, causing significant value erosion.

“We were spending a lot on operations and contractors, but at the net level, we were just leaking value,” he said.

More concerning, Ojulari noted, was the absence of any credible plan to reverse the losses.

“Sometimes you make a loss during investment, but you have a line of sight to recovery. That line of sight was not clear here,” he explained.

This lack of clarity made continued operations economically unjustifiable. Halting refinery operations was one of the first major decisions of his administration.

“We decided to stop the refineries and do a quick check. We planned that if things were aligned, we would reopen and work on them,” he said.

Ojulari added that part of the losses came from the quality of products, citing Port Harcourt as an example.

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“The crude we were feeding into Port Harcourt was producing mid-grade products. When you aggregate their value against what we put in, it was a waste,” he said.

He also acknowledged the political sensitivity of the decision, given long-standing pressure to keep refineries running to ensure fuel supply.

“There were political pressures to keep the refinery operational. But after 35 years of training to focus on commerciality and profitability, you can’t ignore that,” Ojulari said.

Nigeria’s refineries have long operated below capacity, sometimes at single-digit utilisation or complete shutdowns, forcing the country to rely heavily on imported refined petroleum products.

Between 2015 and 2023, successive administrations approved multiple rehabilitation contracts worth billions of dollars, yet domestic refining output remained negligible, intensifying public scrutiny of NNPC’s efficiency.

Ojulari’s remarks represent one of the most candid admissions by an NNPC chief that continued refinery operations under existing conditions were economically unsustainable. They underscore a broader shift within NNPC, under the Petroleum Industry Act, toward enforcing commercial discipline even in politically sensitive areas such as domestic refining.

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Kwara PDP Protests As Govt Moves To Reopen Robbery Case Against Saraki, Others.

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The Peoples Democratic Party (PDP) in Kwara State has strongly opposed reported moves by the state government to revisit the alleged Offa robbery case involving former Governor Abubakar Bukola Saraki and others.....KINDLY READ THE FULL STORY HERE▶

reports that the party made its position known during an emergency press conference in Ilorin on Friday, describing the development as politically motivated and unjust.

PDP spokesman, Comrade Olushola Adewara, said the alleged plan to reopen the case amounts to an attempt to politicise a matter that has already been concluded by the courts.

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He alleged that the move was targeted at dragging Saraki into a case in which, according to him, legal authorities had previously found no evidence linking him to the incident.

Adewara referenced earlier legal opinions from the Office of the Attorney General of the Federation, which reportedly stated that Saraki was not connected to the robbery case.

The party insisted that suspects in the case had already been prosecuted and convicted, with judgments upheld at appellate levels, while the matter is currently before the Supreme Court.

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PDP urged Governor Abdulrahman Abdulrazaq to focus on governance rather than what it described as attempts to revive old political narratives.

It also called on security agencies to monitor the situation closely, warning that such actions could heighten political tension in the state.

The party further appealed to residents, especially families of victims in Offa, not to allow their pain to be used for political purposes.

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2027: Oyo APC Senator Alli Declares Governorship Ambition.

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Senator representing Oyo South, Sharafadeen Alli, has declared his intention to contest the Oyo State governorship election ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Alli, who serves under the All Progressives Congress (APC), made the declaration on Friday during a formal event held at the Police Field in Yemetu, Ibadan North Local Government Area.

The APC chieftain and Ekaarun Balogun of Ibadanland said he will be running on the platform of his party.

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The event attracted thousands of APC leaders, stakeholders, and members, including top political figures such as Senator Yunus Akintunde, House of Representatives members Akin Alabi, Aderemi Oseni, Akeem Adeyemi, Olafisoye Akinmoyede, Tajudeen Abisodun, and Senator Hamzat Adeseun.

Also in attendance were former Deputy Governor Iyiola Oladokun, Asiwaju Yemi Aderibigbe, and Alhaji Fatai Ibikunle, among others.

Alli said his decision followed wide consultations with stakeholders and was driven by his desire to advance the development of Oyo State.

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He noted his past political experience, including serving as Chairman of Ibadan North Local Government and Secretary to the Oyo State Government under Senator Rasidi Ladoja, as well as his current role in the Senate, where he said he has consistently advocated for his constituents.

According to him, his ambition is focused on delivering better governance and moving the state forward.

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Showunmi Declares For Ogun 2027 Governorship, Seeks IPAC Support.

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A PDP chieftain and convener of The Alternative, Otunba Segun Showunmi, has declared his intention to contest the 2027 Ogun State governorship election.....KINDLY READ THE FULL STORY HERE▶

reports that Showunmi made the announcement during a courtesy visit to the Inter-Party Advisory Council (IPAC) secretariat in Abeokuta on Friday.

He called for a broad political coalition involving opposition parties and grassroots groups to challenge what he described as the failures of dominant political forces in the state.

Showunmi argued that political parties may choose or endorse candidates, but insisted such arrangements must not deny voters a genuine electoral choice.

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He said: “I will be running for governor in the 2027 governorship election. I have come to plead with you to set up a small committee… to determine how we can collaborate to make this happen.”

He also questioned whether Ogun State would experience a “coronation” or a competitive election process, urging stakeholders to allow open political contest.

The PDP chieftain noted that Ogun West’s long-standing exclusion from producing a governor is a legitimate grievance, but stressed that aspirations must still be tested through competition.

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He advocated issue-based campaigns ahead of 2027, rejecting “money politics” and challenging aspirants to public debates on governance.

Showunmi maintained that he has no history of violence or political thuggery, insisting the election should be centred on ideas and development plans for the state.

In response, IPAC leadership and other political actors at the event called for collaboration and careful selection of leaders ahead of the 2027 elections.

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