News
NNPC Considers Refineries Sale After Dangote’s Verdict
He said the company is, among other options, considering selling the refineries because the rehabilitation works were not yielding the desired results due to how obsolete the facilities have become over the years.
On Thursday, Dangote, who is the President of the Dangote Group, said the NNPC refineries might not resume operations despite having gulped about $18bn.
Ojulari echoed a similar sentiment in an interview with Bloomberg on Thursday in Vienna, Austria, stating that the country had invested heavily in the refineries without seeing any tangible results.
His comments were in sharp contrast with those of his predecessor, who told Nigerians in November 2024 that all the refineries would resume full operations.
Speaking with Bloomberg on Thursday at the 9th OPEC International Seminar, Ojulari said a strategic review of NNPC’s refinery operations is underway and expected to be concluded before the end of the year.
“We’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently,” he stated.
Asked if that could include selling off the refineries, Ojulari said, “What we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now.”
Like Dangote, Ojulari attributed some of the setbacks to outdated infrastructure and underperforming technologies. “On refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies, but we’ve been challenged.
“Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated,” he said.
Ojulari took over from Kyari in April after President Bola Tinubu relieved the former NNPC boss of his appointment. Kyari spearheaded the turnaround maintenance of the facilities, with assurances that they would be revamped.
While addressing members of the Global CEO Africa from the Lagos Business School at his Lekki refinery on Thursday, Dangote expressed pessimism over the functionality of the refineries. He doubted the possibility of the state-owned refineries working again.
Dangote said the refineries under the management of the Nigerian National Petroleum Company Limited had gulped up to $18bn, yet they have refused to work.
According to Dangote, the 650,000-capacity refinery he built after the government of late Umar Yar’adua aborted his acquisition of the government refineries now has over 50 per cent of its output dedicated to Premium Motor Spirit (petrol), saying that even government refineries committed just 22 per cent of their production to petrol.
Dangote recalled how he and his team had to return the refineries to Yar’adua, a few months after former President Olusegun Obasanjo left office in 2007.
According to him, the former managers of the refinery had told Yar’Adua that Obasanjo sold the facilities below their costs as a parting gift to him and his colleagues.
“The refineries that we bought before, which were owned by Nigeria, were doing about 22 per cent of PMS. We bought the refineries in January 2007. Then we had to return them to the government because there was a change of government. And the managing director at that time convinced Yar’adua that the refineries would work.
Dangote emphasised that the turnaround maintenance of the refineries was like trying to modernise a car built 40 years ago, when technology has advanced.
“(The turnaround maintenance) is like you trying to modernise a car that was built 40 years ago, when technology and everything have changed. Even if you change the engine, the body will not be able to take the shock of that new technology engine,” he stated. Dangote’s comment buttressed Obasanjo’s comments last year about the refineries, two of which were shut down again after they were declared operational by the former NNPC Group Managing Director, Mele Kyari, in Q4 2024.
Obasanjo had stated that the NNPC was aware that it could not operate the refineries, saying international oil companies like Shell once refused to run the facilities when he requested them to do so.
According to Obasanjo, some Nigerians, including Aliko Dangote, once paid $750m to take over the refineries; however, his successor, Yar’adua, aborted the deal.
“I ran to him (Yar’Adua), I said, ‘You know this is not right’. He said, ‘Well, NNPC said they can do it.’ I said, ‘NNPC cannot do it,’ I told my successor that ‘the refineries, from what I heard and know, will not work and when you want to sell them, you will not get anybody to buy them at $200m as scrap’. And that is the situation we are in.
“So, why do we do this kind of thing to ourselves? NNPC knew that they could not do it, but they knew they could eat and carry on with the corruption that was going on in NNPC. When people were there to do it, they put pressure. In a civilised society, those people should be in jail,” Obasanjo had stated.
Again, in January, Obasanjo said, “I was told not too long ago that since that time, more than $2bn have been squandered on the refineries and they still will not work.
“If a company like Shell tells me what they told me, I will believe them. If anybody tells you now that it (the refinery) is working, why are they now with Aliko (Dangote)? And Aliko will make his refinery work; not only make it work, he will make it deliver.”
Obasanjo concluded with a Yoruba proverb, comparing inflated claims about the refineries’ performance to a farmer who planted 100 heaps of yam but falsely claimed to have planted 200.
“They say that after he has harvested 100 heaps of yams, he will also have 100 heaps of lies. You know what that means,” he said.
Calls for the privatisation of the government-owned refineries, under the management of NNPC, intensified following the recent shutdown of the 60,000 barrels-per-day old Port Harcourt refinery, six months after it was declared operational.
The Warri refinery was also shut down one month after the former Group Chief Executive Officer of the NNPC, Mele Kyari, declared it open in December. The Manufacturers Association of Nigeria said the refineries were a drain on the country’s economy, calling on the Federal Government to sell off the facilities.
Crude refiners also advised the government to sell the refineries as scrap and use the proceeds to fund modular refineries, saying the facilities were a burden and liability to the government.
A Police Inspector, Dr. Obodo Paul Ikechukwu, has reportedly died after he was involved in a fatal road accident allegedly involving a police convoy in Enugu State.
The deceased, who hailed from Nkpologu in Enugu State, was serving in the Operations Department of the Enugu State Police Headquarters at the time of the incident.
Details surrounding the circumstances of the accident remain unclear, but sources said the inspector was fatally injured after being struck by a vehicle in a police convoy.
Dr. Obodo, who was also a PhD holder, was described by colleagues and associates as a dedicated officer whose death has come as a shock to members of the police command and his community.
As of the time of filing this report, the Enugu State Police Command had not issued an official statement on the incident, while further details are being awaited.
The Spiritual Director of the Adoration Ministry Enugu, , has offered prayers for , praying for God’s favour, protection, and victory as the state approaches the coming elections.
Speaking during a church gathering, Mbaka declared that Governor Mbah would succeed, expressing confidence that God, whom he said had begun a great work through the governor, would bring it to completion.
“It shall be well with Peter Mbah; may the favour of God be with him. We back him with our prayers. The Adoration family throws our prayers around him, that he will succeed, in the name of Jesus. May God grant him the power of victory at the end of the whole election,” Mbaka said.
The cleric further expressed hope that Mbah’s leadership would bring joy to the Igbo people, the people of Enugu State, and the Church, adding that the Igbo economy could witness greater advancement under his administration.
According to Mbaka, the progress recorded so far gives hope that greater achievements lie ahead, stressing that God would perfect the work already begun.
His remarks come as political activities continue to gather momentum ahead of the forthcoming elections.
ENUGU — Governor Peter Mbah has directed the Enugu State Emergency Management Agency (ESEMA) to provide immediate relief materials and other palliative support to two families displaced by the fire that razed a two-storey building at No. 22 Church Road, Asata, Enugu, on Saturday.
The governor’s directive followed reports by Everydaynewsngr that the inferno destroyed two flats and consumed household property, valuables, and important documents belonging to the affected families, leaving them homeless.
The General Manager of ESEMA is expected to assess the extent of the damage and coordinate the distribution of emergency relief items to ease the hardship faced by the victims while further interventions are considered.
Residents of the area welcomed the governor’s swift response, describing it as a demonstration of compassion and responsible leadership at a difficult time for the affected families.
One of the victims, an employee of a higher institution in Enugu State who is said to be approaching retirement, had lamented that the fire wiped out decades of savings and destroyed all his household belongings, including vital documents and certificates.
No lives were lost in the incident, while the cause of the fire is yet to be determined. Authorities are expected to investigate the circumstances surrounding the outbreak as affected families begin the difficult task of rebuilding their lives.
The state government urged residents to remain safety conscious and report fire emergencies promptly to relevant agencies to minimise damage and loss of property.
By Our Reporter
Stakeholders in Nigeria’s real estate industry, alongside Golden Land Estate Ventures Limited, have called for urgent reforms to strengthen professionalism, transparency, and investor confidence in the sector.
The call was contained in a communiqué issued on Monday in Enugu following the company’s 2026 Mid-Year Seminar/Luncheon, held on Friday, July 3, at Wendy’s Place. The seminar, themed “Next-Level Real Estate Practices,” brought together real estate developers, chief executive officers, realtors, marketers, investors, and other stakeholders from the South-East to examine emerging industry trends, challenges, and practical strategies for sustainable growth.
According to the communiqué, participants unanimously adopted several resolutions after extensive deliberations.
Among the key resolutions was a call for stronger government action against the multiple sale of land. Participants urged the Federal, State, and Local Governments to strengthen land administration policies and impose stringent sanctions on communities and individuals involved in the fraudulent sale of the same parcel of land to multiple buyers.
They noted that such practices continue to erode investor confidence, fuel land-related litigation, and discourage genuine investment in the real estate sector.
The stakeholders also stressed the need to promote professionalism and healthy competition within the industry. They maintained that competition should be driven by integrity, innovation, quality service delivery, and professionalism rather than unhealthy rivalry, misinformation, or actions capable of damaging the reputation of fellow practitioners.
They further encouraged industry leaders to embrace collaboration as a means of promoting collective growth and enhancing public confidence in the sector.
The communiqué also emphasised the importance of honesty and transparency in dealings with clients. Participants urged real estate practitioners to refrain from making false claims, exaggerating property values, misrepresenting estate locations or approvals, or giving unrealistic assurances merely to secure transactions.
They insisted that prospective buyers should be provided with accurate, verifiable, and complete information before making investment decisions.
On service delivery, the seminar called on real estate developers and chief executives to establish effective internal controls to eliminate the overselling or double allocation of plots. Developers were also urged to ensure prompt allocation of purchased lands and timely issuance of all necessary documentation.
According to the communiqué, efficient service delivery is critical to sustaining customer trust and improving the credibility of the industry.
The participants also called on government agencies, industry regulators, professional bodies, community leaders, developers, and practitioners to work together in building a transparent, accountable, and investment-friendly real estate environment that protects property buyers and supports sustainable national development.
Golden Land Estate Ventures Limited reaffirmed its commitment to promoting ethical business practices, professional excellence, continuous capacity development, and responsible real estate investment in Nigeria.
The communiqué was signed by Comrade Damian Ogudike and Mr. Ikechukwu Eze, directors of Golden Land Estate Ventures Limited, on behalf of the company’s board. It was also drafted and endorsed by the seminar’s resource persons, Mrs. Amaka Dim of Exotic Landlady Estate and Miss Blessing Anene of BuildWise Solution Centre Estate.
By Our Correspondent
ENUGU — Two families were left homeless on Saturday after a fire destroyed two flats in a two-storey building located at No. 22 Church Road, Asata, in Enugu metropolis.
The fire, which started at about 10 a.m., reportedly broke out after the occupants of the affected upper-floor flats had left for their daily activities.
Although the cause of the fire was yet to be ascertained as of the time of filing this report, eyewitness Tony Iroji said the inferno completely destroyed household items and other valuables in the affected apartments.
One of the victims, who returned home while the building was engulfed in flames, reportedly collapsed after seeing the extent of the damage. He was revived by sympathisers at the scene.
The victim, said to be an employee of one of the higher institutions in Enugu State and nearing retirement, lamented that years of hard work had been wiped out by the incident.
According to him, the fire destroyed all his household property, including important documents and certificates, leaving him with no option but to relocate his family to his ancestral home.
“All I have worked for all these years is gone,” he said in tears.
No life was lost in the incident, but residents appealed to the Enugu State Government, emergency management agencies and public-spirited individuals to come to the aid of the affected families, even as they urged the authorities to investigate the cause of the fire.
See video
-
Crime5 days agoEnugu Police Foil Armed Robbery, Kill Suspect, Arrest Four in Border Operations
-
Crime4 days agoYahoo Boys Stole ₦7.2m From Serving Judge’s Account in Midnight Cyberattack – EFCC Chair
-
Crime5 days agoMedia Vindicated as ICPC Explains Ex-Minister’s Public Disgrace at Abuja Airport
-
News5 days agoGod forbid Nigeria sees another Civil War — Obasanjo
-
News4 days agoEvery Naira stolen robs Enugu of development’ — Gov. Mbah charges Public Officers on Accountability
-
Crime1 day agoEnugu Forest Guard Rescues Kidnap Victim, Arrests Native Doctor, Others in Intelligence-Led Operation
-
Crime4 days agoEFCC Witness Clears Ngige Of N80 Million Alleged Fraud
-
Politics5 days agoAPGA Debunks Claims of Protest Vote by Aggrieved Aspirants