FG Considers Selling NNPCL Refineries as Tinubu’s Energy Adviser Confirms Reform Plans

|By Babatunji Wusu

The Federal Government is weighing the sale of the Nigerian National Petroleum Company Limited (NNPCL) refineries in Port Harcourt, Warri, and Kaduna as part of ongoing efforts to reposition the nation’s oil sector.

President Bola Tinubu’s Special Adviser on Energy, Olu Verheijen, revealed the possibility during an interview with Bloomberg TV at a recent event in Abu Dhabi, noting that the government is open to private investment if the right partners emerge.

“It’s one of the options that you have to consider if you find the right technical partner with the right capital,” Verheijen said.

She explained that the removal of fuel subsidies had eliminated long-standing distortions in the sector, paving the way for a market-driven approach.

“Now that we’ve removed the subsidies, we’ve removed the distortions in that market,” she added.

According to Verheijen, the Tinubu administration’s energy reforms aim to restore transparency and efficiency while ensuring that petroleum operations run strictly on commercial principles.

The development comes months after NNPCL shut down the Port Harcourt refinery in May for routine maintenance.

In a related update, NNPCL Group Chief Executive Officer, Bayo Ojulari, confirmed that the company is currently seeking technical equity partners capable of managing and operating the Port Harcourt, Warri, and Kaduna refineries in line with global standards.

If the sale proceeds, it could mark a major shift in Nigeria’s oil industry—ending years of government control and opening the refineries to private expertise and investment.