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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.

“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.

“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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Keyamo Blasts Peter Obi With Harsh Remark, Says ‘This Dumbness Is Beyond Measure’.

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has criticised the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, over his claim that Nigeria could have accumulated greater wealth if successive leaders had kept public funds in banks to generate interest.....KINDLY READ THE FULL STORY HERE▶

Obi made the remark during an interview with a radio station in Nasarawa State on Wednesday, arguing that the country could have built substantial wealth if public officials had safeguarded government funds and allowed them to earn interest instead of mismanaging them.

The former Anambra State governor also disclosed that his administration kept public funds in three different banks.

He condemned what he described as a culture of dishonesty in Nigeria, lamenting that people who demonstrate integrity are often discredited rather than celebrated.

However, Keyamo took issue with Obi’s comments, launching a scathing attack on the former governor in a post on his X account.

The aviation minister described Obi’s remark as an example of what he called extreme foolishness and suggested that it could explain the alleged decline in the NDC candidate’s public approval ratings.

Reacting to the statement, Keyamo wrote: “This dumbness is beyond measure. I really don’t know whether to laugh or to cry. No wonder his approval ratings have plummeted so badly.

“Nigeria did not just dodge a bullet; it ducked a massive howitzer!”

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INEC Under Pressure As Kwankwaso Questions How Suspicious Images Got Into Voters’ Register.

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The vice-presidential candidate of the Nigeria Democratic Congress (NDC), Rabiu Kwankwaso, has criticised the Independent National Electoral Commission (INEC) over suspected AI-generated photographs and other questionable entries in its preliminary voters’ register ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

Kwankwaso, in a post on his X account, questioned how the suspicious images found their way into the register and whether the identities associated with the records had been properly verified.

While welcoming INEC’s decision to investigate the matter, the former Kano State governor called for an independent and transparent probe to establish the facts and ensure accountability.

He also demanded an independent audit of the preliminary voters’ register, including investigations into suspicious entries, possible duplicate records and artificially created identities.

In his statement, Kwankwaso expressed concern that the alleged irregularities could undermine confidence in Nigeria’s voter registration system and the credibility of the forthcoming elections.

He said: “I am deeply concerned by reports of suspected artificial intelligence-generated photographs and other questionable records in the preliminary register of voters published by the Independent National Electoral Commission (INEC).

“These allegations raise serious questions about the integrity of our voter registration system and the safeguards in place to protect the credibility of the forthcoming general elections.”

With the 2027 elections approaching, Kwankwaso urged INEC to provide clear explanations about the questionable records and the procedures used to verify the identities of registered voters.

He asked the commission to establish how the images entered the register, whether the individuals linked to the records were genuinely registered and whether the alleged irregularities had affected the accuracy of the voters’ list.

Although he acknowledged INEC’s decision to investigate the matter, Kwankwaso insisted that Nigerians deserved more than assurances from the electoral body.

He called for a thorough, transparent and independent investigation conducted outside INEC’s internal structures, with the findings made public and anyone found culpable held accountable under the law.

The NDC vice-presidential candidate further urged the commission to conduct a comprehensive audit of the preliminary register, verify questionable entries and investigate possible duplicate or artificial identities without disenfranchising eligible voters.

Kwankwaso stressed that protecting the integrity of the voters’ register was essential to safeguarding Nigeria’s democracy.

He maintained that every eligible Nigerian must have the opportunity to vote and that technology, including artificial intelligence, must not be allowed to compromise the electoral process.

“The credibility of the 2027 elections begins with a credible voter register, and INEC must get its act together,” he added.

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There Are Redlines That Should Never Be Crossed’ – Mbah Speaks On Peter Obi’s Town Hall Controversy.

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Enugu State Governor, Peter Mbah, has denied allegations that he ordered the management of a private facility to deny the Obi-Kwankwaso movement access to host a town hall meeting in the state.....KINDLY READ THE FULL STORY HERE▶

Mbah’s response followed the circulation of a video on social media concerning the alleged incident.

The Enugu East senatorial candidate of the Nigerian Democratic Congress (NDC), Princess Ada Ogbu, had raised concerns over alleged efforts to stop the meeting, which is expected to feature the party’s presidential candidate, Peter Obi.

In the viral video, Ogbu alleged that the organisers were facing attempts to prevent the event from holding for political reasons.

She claimed that the group had paid ₦3.5 million to secure the hall and an additional ₦500,000 for the outdoor space but was subsequently confronted with efforts to deny them access.

However, Mbah, in a statement shared on his Facebook page, dismissed the allegation as false, insisting that he had not issued any directive to prevent the meeting from taking place.

The governor denied any involvement in the reported incident and accused opposition figures of resorting to what he described as desperate tactics to attract public attention.

While acknowledging that democracy guarantees freedom of expression, Mbah stressed that such freedom should not be used as a justification for defaming others.

He said: “My attention has just been drawn to a video circulating on some social media platforms, alleging that I gave an order denying a political party use of a private facility for their town hall event. This is preposterous and utter falsehood, because I did not.

“Democracy also offers avenues to seek redress. So, let it be known that there are redlines that should never be crossed.”

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