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BREAKING: ‘We Were Just Wasting Money Running Refineries’ — NNPC GCEO Breaks Silence

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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.

ALSO READ: SERAP Sues NNPC Ltd Over Missing N22.3bn, $49.7m, £14.3m, €5.2m Oil Money

“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.

 

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TCN Restores Power Supply to Katampe Substation After Shiroro Line Fault

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The Transmission Company of Nigeria (TCN) has restored bulk power supply to its Katampe 330kV Transmission Substation in Abuja following an earlier disruption caused by a fault on the Shiroro–Katampe 330kV Line 1.

The development was disclosed in a statement released by TCN management on Friday, October 9, 2026.

SEE ALSO: Kainji–Birnin Kebbi Power Line: TCN Begins Final Phase of Restoration

According to the statement, bulk power supply was restored to the Katampe substation at 4:15 p.m. through the Gwagwalada–Katampe 330kV Line 1.

TCN explained that the Shiroro–Katampe 330kV Line 1 remains out of service due to a fault, necessitating the use of the Gwagwalada–Katampe line to restore supply to the substation.

The company also announced the suspension of planned maintenance work on the Gwagwalada–Katampe 330kV Line 1 to enable the line to continue supplying the Katampe substation.

The suspended maintenance work involved replacing defective line isolators and the associated earthing switch.

TCN apologised to electricity consumers in the affected areas for any inconvenience caused by the disruption and maintenance arrangements.

 

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2027 Elections: FG Warns Politicians Against Promises on Fuel Subsidy

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The Federal Government has warned politicians against making promises that could reverse Nigeria’s economic reforms, insisting that it will not restore fuel subsidy amid renewed debate over the Nigerian National Petroleum Company Limited’s (NNPC) petrol discount.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this during an interview on Channels Television on Friday, saying the government would not bring back subsidies on petroleum products.

“This government is not bringing back subsidy on fuel products. We need to be clear,” Oyedele said.

ALSO READ: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits

The minister also criticised politicians who, according to him, make promises to win elections without fully considering the implications of implementing them.

He suggested that some politicians make sweeping promises during election campaigns only to offer excuses when confronted with the realities of governance.

“I think I would pardon people who say all manner of things because they want to get elected. It’s almost like ‘whatever I need to say, when I get there, I’ll give excuses.’ But we have the data,” he said.

Oyedele added that he felt a personal responsibility not to remain silent about the economic realities known to the government or allow populist positions to push Nigeria in the wrong direction.

“I feel the personal responsibility that I cannot see what I see and keep quiet, or populism to move our country in the wrong direction,” he said.

NNPC Petrol Discount Sparks Fresh Subsidy Debate

The minister’s remarks come amid renewed debate over fuel subsidy following the Federal Government’s announcement of a 30-day petrol discount at NNPC retail stations.

The initiative was introduced as a temporary measure to provide relief to Nigerians amid elevated global crude oil prices and concerns about the cost of petroleum products.

NNPC Retail had also announced a N66-per-litre petrol discount to mark Nigeria’s 66th Independence Anniversary, with the offer scheduled to run until October 31, 2026, across its retail stations nationwide.

The company maintained that the discount was a customer-relief initiative and did not represent a return to the petroleum subsidy regime.

The distinction has become central to the debate, with the government insisting that temporary price relief at NNPC stations does not amount to restoring the subsidy policy abolished in May 2023.

The administration has maintained that the current arrangement differs from the former subsidy system, under which the government intervened to cover part of the cost of petrol.

FG Defends Economic Reforms

During the interview, Oyedele also referred to a World Bank update, saying the institution had acknowledged a reduction in poverty levels and increased spending on infrastructure, particularly roads.

He urged Nigerians not to reverse the progress he said had been made, arguing that the country was approaching a point where the benefits of ongoing reforms should begin to emerge.

 

 

 

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Kaduna Moves to Clear 5-Year Promotion Backlog for 24,000 Teachers

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The Kaduna State Universal Basic Education Board (SUBEB) has commenced a promotion exercise for 24,000 eligible staff as part of efforts to clear outstanding teachers’ promotions dating back to 2021.

The development was disclosed on Friday as the administration of Governor Uba Sani intensifies efforts to address promotion backlogs, recognise teachers’ years of service and improve staff welfare across the state.

The exercise covers outstanding promotions from 2021 to 2026 and is expected to provide eligible teachers and other staff with opportunities for career progression.

SEE ALSO: Kaduna Clears N18bn Pension Arrears, Raises Agric Funding to N100bn

According to the announcement, eligible personnel will undergo an assessment process, after which promotions will be implemented for those who successfully meet the requirements.

The initiative is part of efforts to strengthen the education sector by recognising the contributions of teachers and supporting their professional development.

The state government has emphasised the importance of investing in teachers, noting that a motivated and valued teaching workforce is essential to building a stronger education system.

The exercise is also expected to address long-standing staff concerns relating to career advancement within the state’s basic education sector.

 

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