Bayo Ojulari, Group CEO of the Nigerian National Petroleum Company (NNPC) Limited, has revealed that the Port Harcourt refinery was losing as much as N500 million each month prior to his leadership. He made the disclosure on Thursday while receiving a delegation from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), led by President Festus Osifo.

Ojulari explained that years of neglect had left the refinery in a fragile state, making rehabilitation a complex task. “Whenever you repair one issue, another problem surfaces. It’s been very challenging,” he said.

He noted that only a fraction of the refinery’s input—less than 40 percent of the 950,000 barrels sent in—was being converted into usable fuel. The facility was only partially operational, producing mid-grade fuel at a loss. The old and new sections of the refinery, which were designed to work together for optimal output, were not functioning as intended.

Ojulari added that past efforts to revive the refinery were insufficient, preventing the production of premium motor spirit (PMS) and contributing to ongoing losses. To address this, NNPC temporarily paused rehabilitation to develop a sustainable plan that ensures profitability and preserves jobs.

He emphasized that President Bola Tinubu had supported a long-term approach, allowing the company to focus on sustainable operations rather than continuing at a loss. Ojulari confirmed that NNPC has no plans to sell the Port Harcourt refinery and remains committed to completing its high-grade rehabilitation.