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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Like Dangote, Ojulari attributed some of the setbacks to outdated infrastructure and underperforming technologies.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.
…As Onitsha South Mayor Empowers Workers
By Okey Maduforo, Awka
Maintenance and rehabilitation works at the recently closed First Niger Bridge are being hampered by poor lighting during night shifts and inadequate sanitary facilities at the site.
Recall that before the closure of the bridge, the Minister of Works, Engr. Dave Umahi, had disclosed that efforts would be made to carry out some of the rehabilitation works at night.
However, some of the workers at the site said poor lighting was affecting effective monitoring of activities on the bridge, while the poor sanitary condition of the area was also posing a threat to their health.
The workers made the complaints during a working visit to the bridge by the Mayor of Onitsha South Local Government Area, Chief Emeka Orji.
Orji, who was accompanied by the Secretary of the Local Government, Barr. Paul Onuachalla, and executives of the Fegge Community Landlords/Tenants Welfare Association, led by its Chairman, Chief Nnamdi Onugha, provided cooked meals and packs of bottled water to the personnel and workers at the site.
Speaking after the visit, Orji said the gesture was aimed at supporting the workers and showing solidarity with the Federal Government’s rehabilitation efforts on the bridge.
He said, “To support the workers and give them a sense of belonging, that is why we came to appreciate them. We will continue doing so from time to time as part of our Corporate Social Responsibility.”
The Mayor also disclosed that the council had provided facilities, including mobile toilets and water tanks, while arrangements were being made for water tankers to supply water to the tanks.
Orji further stressed the importance of the military presence in Onitsha South, noting that the personnel would contribute to security, rapid response and protection of the bridge, Onitsha South and parts of Ogbaru Local Government Area.
He added that the council would continue to strengthen its collaboration with security agencies to ensure maximum security across Onitsha South Local Government Area.
Earlier, after inspecting the environment with the Mayor, the Officer in Charge, who pleaded anonymity, identified poor lighting at the bridge at night as one of the major challenges confronting the personnel.
According to him, the situation makes it difficult to effectively monitor activities around the bridge, particularly during night shifts.
He also complained about the poor sanitary condition of the under-bridge environment where the personnel camp, saying they had to clean up the area themselves upon arrival.
The officer further appealed for improved accommodation and food support for the personnel.
He, however, commended the Mayor for the visit and assistance, saying the gesture made the workers feel appreciated.
“We feel loved and appreciated. We are happy seeing you around,” he said.
Africa’s richest industrialist, Aliko Dangote, has revealed that he bought his first private jet at the age of 22 and a half.
Dangote made the disclosure on Monday in Lagos during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange.
Reflecting on his business journey, the billionaire said he had enjoyed travelling by private jet over the years but was now comfortable using commercial flights.
He also urged wealthy Nigerians to channel more of their resources into productive investments rather than luxury assets.
Dangote particularly appealed to affluent Nigerians who spend huge sums on private aircraft to consider investing such wealth in industries and businesses that could contribute to Nigeria’s economic growth.
“I try as much as I can to encourage people who are riding $900 million aircraft to please go and put that into production. We are not going to be a great nation without doing something productive,” he said.
He stressed that directing private wealth towards productive ventures would help strengthen the economy, create jobs and provide greater opportunities for national development.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has rejected claims that it appropriated or “stole” the idea of Niger Delta Economic and Investment Summit from another organisation whose application was reportedly pending before the Federal Ministry of Trade.
NDCCITMA considers the allegation misleading and wishes to set the record straight.
The concept of Niger Delta Economic and Investment Summit is a broad and widely recognised platform used globally to bring together government, the private sector, investors, businesses, development partners and other stakeholders to deliberate on economic growth and development. The use of the term “Economic Summit” does not, in itself, establish exclusive ownership of the concept by any individual or organisation.
More importantly, the chronology of events does not support the allegation being made against NDCCITMA.
While the said application was reportedly still pending before the Ministry of Trade as at September 2025, NDCCITMA had already gone through the appropriate processes and received approval from the Ministry of Trade in August 2025.
NDCCITMA did not rely on, copy, or appropriate the pending application of any other party in arriving at its name or identity
It is also important to distinguish between a concept and legally protected intellectual property, such as a registered trademark, proprietary material or other enforceable intellectual property right.
NDCCITMA remains committed to conducting its activities in accordance with applicable laws and regulatory requirements.Most importantly, in Suit No: FHC/PHC/CS/57/2026 filed on same subject matter in Portharcourt by the petitioner, the learned Judge had restrained the plaintiff from further interfering with the Summit being planned by the NDCCITMA. NDCCITMA will continue respect the rule of law
We therefore urge the public, stakeholders, the media to disregard any narrative unless such claims are supported by verifiable facts and relevant legal documentation.
NDCCITMA firmly rejects the allegation and maintains that its activities and identity were developed and pursued independently and through the appropriate regulatory channels.
The organisation remains focused on its mandate of promoting commerce, industry, trade, agriculture, investment and sustainable economic development across the Niger Delta region.
Signed:
Management
Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA)
The Cross River State Commissioner for Power and Renewable Energy, Prince Eka Williams Abang, has died at a hospital in Abuja.
Williams reportedly died suddenly on Saturday, September 12, 2026, while receiving medical treatment.
His death was announced on Sunday by his brother, Nkang William, who expressed shock over the sudden loss.
The deceased was described by family members and associates as a dedicated public servant whose death had left a significant void.
A former councillor representing Abo Ward in Boki Local Government Area, Pius Kejuo Osang, said he was still struggling to understand the development.
Late Abang
“I don’t understand, I was with him on Tuesday, I slept in his hotel,” Osang said.
Michael Gabriel Jr., Executive Media Assistant to Senator John Owan-Enoh, Minister of State for Industry, also described Williams as “a dedicated public servant and a good man.”
He said Ikom Local Government Area had lost a committed public servant, adding that Williams’ life of service, humility and impact would remain in the memories of those he touched.
The commissioner’s death has thrown Cross River’s political and public service circles into mourning, with condolences pouring in for his family, colleagues and associates.
The Board Chairman of the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture, NDCCITMA, Ambassador Idaere Ogan, has identified the Niger Delta Development Commission, NDDC, and the governments of the nine Niger Delta states as development partners in building a sustainable regional investment ecosystem.
Addressing newsmen at the Obi Wali Cultural Centre in Port Harcourt, Ogan reaffirmed NDCCITMA’s commitment to successfully hosting the Niger Delta Economic and Investment Summit from September 15 to 17 in the Rivers State capital.
The NDCCITMA Chairman said the Summit was a strategic, private-sector-led platform to mobilise investment and unlock the Niger Delta region’s economic potential, anchored on the theme: “Driving Investment, Innovation and Industrial Growth in the Niger Delta.”
He stated: “Our vision is to bring together the nine Niger Delta states, the Federal Government, the Niger Delta Development Commission, organised private sector, domestic and international investors, development finance institutions, multilateral organisations, financial institutions, project developers and other strategic partners around a common objective: To transform the Niger Delta from a predominantly resource-dependent economy into a diversified, productive, industrialised and globally competitive regional economy.”
According to Ogan, the Summit was designed not merely as another conference, but as an investment and transaction platform, stating: “I dare say that the region possesses opportunities far beyond crude oil.
“From gas and petrochemicals to agriculture and agro-processing; maritime and blue economy; manufacturing; aviation and transportation; renewable energy; tourism; digital economy; logistics; infrastructure and financial services, the Niger Delta possesses the resources and market opportunities required to become one of Africa’s leading investment destinations.”
We intend to showcase strategic investment opportunities capable of transforming the regional economy, including agro-industrial and oil-palm value chains, gas utilisation and gas-based industries, regional transportation and aviation, maritime infrastructure, industrial and logistics hubs, renewable energy, manufacturing, skills development, digital infrastructure and other high-impact projects.
The Counsel to the Legal Representative of NDCCITMA, Mr Sammie Somiari, SAN, affirmed that the Summit organiser was committed to conducting its activities in accordance with applicable laws and regulatory requirements.
He noted that in a suit filed by the founder of NDEIS, Kenule Nwiya Jnr, over an alleged trademark infringement, the court restrained the plaintiff from further interfering with the Summit being planned by the NDCCITMA.
Somiari assured that the Summit would proceed as planned, as there was no legal encumbrance to the economic and investment platform.
Also speaking, the NDDC Director of Commercial and Industrial Development, Mrs Lyna Okara, observed that the Summit would promote stronger economic integration among the nine Niger Delta states.
She noted that the investment forum would produce tangible outcomes: investment commitments, project partnerships, financing opportunities, policy recommendations, and clearly defined implementation frameworks.
Seledi Thompson-Wakama
Director, Corporate Affairs
September 12, 2026
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