RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Stakeholders Criticize NNPC Over Port Harcourt Refinery Delays

Akpan Edidong by Akpan Edidong
August 12, 2025
in Economy, Energy
Reading Time: 2 mins read
A A
0
Federal Government Grants Licenses to NNPCL for Establishment of Crude Export Terminals.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has accused Nigerian National Petroleum Company Limited (NNPC) Group Chief Executive Officer Bayo Ojulari of neglecting the rehabilitation of the Port Harcourt Refinery, raising concerns about delays that could favor private refineries. Meanwhile, two northern groups have filed a lawsuit against NNPC’s Chief Financial Officer, Dapo Segun, in the Federal High Court in Kaduna, alleging mismanagement in the refinery’s rehabilitation and the controversial OVH Energy acquisition.

Sunny Nkpe, PETROAN’s Eastern Zone Chairman, expressed alarm over the slow progress at the Old Port Harcourt Refinery (Area 5), which was shut down on May 24, 2025, for a 30-day repair. During a recent site visit, Nkpe observed minimal activity, noting that contractors, owed payments for over a year, reported near-completion of repairs on Units 12 and 14’s cracking and blending plants before Ojulari’s tenure began. “The lack of commitment from the new GCEO suggests a lack of priority for the refinery’s revival,” Nkpe stated, warning that this could enable private refineries to dominate and inflate fuel prices.

AlsoRead

Nigeria’s Fuel Import Bill Plunges 54% in Two Years as Domestic Refining Gains Ground

Nigeria’s Statistics Bureau to Brief Stakeholders Ahead of Key December Inflation Data

Nigeria’s Debt Service Projected to Exceed N91 Trillion by 2028, Crowding Out Development Spending

Nkpe highlighted the economic fallout, with thousands of tanker drivers and marketers from PETROAN and the Independent Petroleum Marketers Association of Nigeria (IPMAN) out of work due to the shutdown. He emphasized the refinery’s role in supplying petroleum products to cities like Aba, Enugu, and Makurdi, stabilizing prices during its seven-month operation last year. “The refinery’s restart is critical to curbing private sector dominance and ensuring affordable fuel,” he said, urging President Bola Tinubu to intervene and prioritize the facility’s revival to prevent what he called “orchestrated delays” by vested interests.

Nkpe, initially optimistic about Ojulari’s appointment given his Shell Oil background, expressed disappointment at the lack of progress. He plans to consult with tanker drivers, independent marketers, and oil suppliers to explore options for advocating the refinery’s restart. While refraining from directly calling for Ojulari’s removal, Nkpe noted that stakeholders support Tinubu’s reform agenda and will resist efforts to undermine it. Attempts to reach NNPC for comment were unsuccessful, as the company currently lacks a spokesperson and listed contact numbers were unreachable.

Tags: NNPC
Previous Post

NGX Sees Banking, Consumer Goods Indices Soar Beyond 40% in 2025

Next Post

Seplat, Oando, Aradel Drive Nigeria’s Crude Oil Surge in H1 2025

Related News

Fuel Subsidy Removal Negatively Impacts 90% of Nigerian Businesses

Nigeria’s Fuel Import Bill Plunges 54% in Two Years as Domestic Refining Gains Ground

by Akpan Edidong
January 13, 2026
0

Nigeria has achieved a major milestone in its long battle against fuel import dependence, with spending on imported refined petroleum...

Nigeria’s Public Debt Hits N46.25trn In Q4 2022 – NBS

Nigeria’s Statistics Bureau to Brief Stakeholders Ahead of Key December Inflation Data

by Jide Omodele
January 12, 2026
0

The National Bureau of Statistics (NBS) will hold a stakeholder engagement meeting on Monday ahead of the release of Nigeria’s...

Key Takeaways From President Tinubu Speech.

Nigeria’s Debt Service Projected to Exceed N91 Trillion by 2028, Crowding Out Development Spending

by Stephen Akudike
January 12, 2026
0

An analysis of federal budget documents reveals that debt servicing costs under President Bola Tinubu’s administration are projected to surpass...

Oil Prices Reach $90 Following Supply Reduction by Saudi Arabia and Russia.

Nigeria’s Oil Production Rises 7% in 2025 but Falls Short of Budget Target

by Akpan Edidong
January 8, 2026
0

Nigeria’s average daily oil production, including condensates, rose to 1.652 million barrels per day (bpd) in the first eleven months...

Next Post
Crude Oil Prices Soar as Global Supply Shortage Intensifies.

Seplat, Oando, Aradel Drive Nigeria’s Crude Oil Surge in H1 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigeria’s Stock Market Records N1.81 Trillion Gain in July.

NGX Kicks Off 2026 Trading Week with N745 Billion Surge as Bulls Charge Back

January 13, 2026
Fuel Subsidy Removal Negatively Impacts 90% of Nigerian Businesses

Nigeria’s Fuel Import Bill Plunges 54% in Two Years as Domestic Refining Gains Ground

January 13, 2026

Popular Story

  • Dollar Index Loses Steam as Treasury Yields Drift Back to 4.8%

    Naira Kicks Off 2026 with First Weekly Gain as CBN Boosts Liquidity

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Fuel Import Bill Plunges 54% in Two Years as Domestic Refining Gains Ground

    0 shares
    Share 0 Tweet 0
  • NGX Kicks Off 2026 Trading Week with N745 Billion Surge as Bulls Charge Back

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Statistics Bureau to Brief Stakeholders Ahead of Key December Inflation Data

    0 shares
    Share 0 Tweet 0
  • Naira Appreciates by 7% at Official Window as Reserves Grow in First Week of 2026

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>