By Ighomuaye Lucky. O
The game of hide and seek has finally come to an end as the Group Chief Executive Officer of NNPC Limited, Mr.Bayo Ojulari, declared that the Nigeria National Petroleum Company (NNPC) Limited lacks the capability to operate and run the modern days refineries.
He said what is needed is foreign operators with equity stakes.
Mr. Ojulari disclosed this at a fireside chat with the topic: “Securing Nigeria’s Energy Future” at the ongoing Nigerian International Energy Summit 2026 in Abuja.
Ojulari, said the decision to stop refinery operations was driven by hard commercial realities, not politics.
“When we assessed the refineries, it was clear they were destroying value,” he said. “Every barrel processed was running at a loss.”
The Group Chief Executive Officer, lamented that refinery utilisation hovered between 40 and 50 per cent, while operating costs, crude supply losses and contractor payments continued to rise. The result was a system that converted valuable crude oil into low-value products at a net loss to the country.
“The more we processed, the more money Nigeria lost,” Ojulari lamented further.