Ojulari Talk Say Port Harcourt Refinery Na Big Waste

Omo, make I gist you wetin dey happen for refinery matter wey dey cause wahala for Nigeria. Bayo Ojulari, wey be the GCEO of NNPC, don come out openly talk say the Port Harcourt Refinery na big waste of resources. E say dis refinery no fit run profitably now, self.

During di 2026 Nigerian International Energy Summit wey happen yesterday, Ojulari talk say e no go lie, because to manage refinery no be small thing if you no get enough cash, correct engineers, and people wey sabi maintain di equipment well-well. Na wetin he talk be say, NNPC no dey meet all dis standard, and dat one na problem for dem.

You remember say dem spend about $1.5 billion to fix di refinery well-well under Mele Kyari before Ojulari come take over, and e don dey operate since November 2024 after dem finish repairs. But just few months later, in May 2025, dem close am down again because e dey chop money like say na food! Dem say e cause Nigeria over $249.7 million loss, na money wey no dey joke.

The refinery dey located for Eleme area of Rivers State, and dem know am as di biggest refinery for di whole country. When di refinery finally resume, dem talk say e fit produce 60,000 barrels of oil every day with enough PMS, kerosene, and diesel. But Ojulari don talk say wetin dey happen for there no good. E talk say dem dey spend plenty money, but na to dey lose money dem dey do.

So, wetin Ojulari do? E come say make dem shut am down sharp-sharp to avoid more losses and rethink wetin dem go do next. E dey wonder why dem no fit manage di refinery well when dem dey supply crude oil regularly. Na 50 to 55 percent na di only utilization level dem dey dey achieve, yet dem dey pump crude like say dem no get sense!

Ojulari come dey on di lookout for better partners wey sabi how to run refinery to help dem out. E talk say to make refinery jam work, you need three things: solid financing, competent EPC contractors, and world-class operational capacity. NNPC no dey look for contractors again, dem want serious business people wey fit run refinery. No be play play again!

As for oil production, Ojulari get some ginger for di matter. E talk say Nigeria fit hit 1.8 million barrels per day for 2026, but e don caution say di government 2025 budget of 2.06 million barrels na overambitious. Last year, na 1.7 million barrels dem dey average. So, no be any overcommitment make sense; na realistic planning dem need if dem no wan enter wahala for future, especially with price of oil dey fall.

Meanwhile, Saidu A. Mohammed, wey be di head of Nigerian Midstream and Downstream Regulatory Authority, don talk say na N6 trillion Nigeria don save from di reduction in importation of petroleum products. E dey sweet say di Dangote refinery dey hold down 100% of di domestic consumption. E talk say President Tinubu reforms don help di sector, but no be only reform wey we need o; we need accountability and structure, wey fit bring real change.

For some expert matter, Omowumi Iledare wey be professor don talk say stopping di refinery dey help dem check wetin dey work and wetin no dey work. Na so dem go fit see if di current model fit create economic value or dem go dey waste money. But make nobody dey slack; dem must take action sharp sharp or else dem go dey remain where dem dey.