NEWS
BREAKING: ‘We Were Just Wasting Money Running Refineries’ — NNPC GCEO Breaks Silence
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Bashir Bayo Ojulari, has admitted that Nigeria’s state-owned refineries were operating at heavy losses, prompting the company to halt operations to prevent further financial waste.
Ojulari made the revelation on Wednesday in Abuja during a fireside chat titled “Securing Nigeria’s Energy Future” at the Nigeria International Energy Summit 2026, where he spoke candidly about the commercial realities facing the nation’s refining sector.
According to the NNPC boss, public anger over the poor performance of the refineries was justified, considering the huge public funds invested over the years and the high expectations placed on the facilities.
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“On the refineries, Nigerians were angry. A lot of money has been spent, and expectations were very high. We were under extreme pressure,” Ojulari said.
He explained that shortly after assuming office, his management team carried out a detailed review of refinery operations, which revealed that the facilities were running at what he described as a monumental loss to the country.
“The first thing that became clear is that we were running at a monumental loss to Nigeria. We were just wasting money,” he stated.
Ojulari disclosed that despite NNPC consistently supplying crude oil cargoes to the refineries on a monthly basis, utilisation rates remained between 50 and 55 per cent, resulting in significant value erosion.
He added that large sums were being spent on operations and contractors, yet the financial returns failed to justify the costs.
“When you look at the net, we were just leaking away value,” he said.
The NNPC chief noted that there was no clear or credible plan in place to reverse the losses, making continued operations economically unjustifiable.
As a result, he said one of the first major decisions of his administration was to shut down the refineries temporarily to stop further losses and allow for a comprehensive reassessment.
“We decided to stop the refinery and do a quick check. If things were properly lined up, we would reopen and work on them,” Ojulari explained.
He further revealed that part of the value destruction stemmed from the quality of products being produced, citing the Port Harcourt Refinery, where crude processing yielded mid-grade products with limited economic value.
Ojulari acknowledged that the decision to halt operations was politically sensitive, noting that NNPC had historically faced pressure to keep the refineries running in order to guarantee fuel supply.
“There were political pressures to keep the refinery products flowing, but when you are trained to focus on commerciality and profitability, you cannot ignore reality,” he said.
Nigeria’s four state-owned refineries — Port Harcourt (two plants), Warri and Kaduna — have for decades operated far below capacity despite several turnaround maintenance projects costing billions of dollars.
Ojulari’s remarks represent one of the most candid acknowledgements by an NNPC chief executive that continued refinery operations, under existing conditions, were financially unsustainable.
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
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“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
Nigerians are facing yet another economic blow as petrol prices surge again. The Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase in just one week.
The latest adjustment, announced to marketers on Monday, follows a temporary suspension of petrol sales at the refinery on Sunday. Diesel, also known as Automotive Gas Oil, has also been revised upwards to N1,620 per litre.
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A senior refinery official, speaking on condition of anonymity, confirmed the hike, noting that it reflects “prevailing market fundamentals and the cost environment we are currently operating in.”
Industry checks show that depot pricing systems have already updated the new rates, signaling an inevitable rise at retail stations.
In some cities, petrol is now being sold at over N1,200 per litre, adding pressure on Nigerian motorists and businesses alike.
This repeated surge comes after earlier increases that pushed gantry prices from N774 to N995 per litre earlier this week.
Experts warn that the hikes are likely to drive up transportation, logistics, and production costs, potentially impacting the prices of goods and services nationwide.
While the Federal Government, through the Nigerian National Petroleum Company Limited (NNPC), is working to secure crude supplies for the refinery via international traders, officials cautioned that this may not immediately reduce prices for consumers.
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