Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited (NNPCL), might soon take a bold step — selling off its long-troubled refineries in Port Harcourt, Warri, and Kaduna.

This was revealed by the Group Chief Executive Officer of NNPCL, Bayo Ojulari, during an interview with Bloomberg at the recent OPEC seminar. According to Ojulari, the company is currently carrying out a thorough review of its refinery operations, with a decision expected before the end of December 2025.

He explained that despite heavy investments in technology to revive the three refineries over the past several years, the plants have not delivered as hoped. The main challenge, he said, is tied to how long the facilities were abandoned.

“Refining a very old refinery that has been abandoned for some time becomes a little bit complicated,” Ojulari noted.

On whether a complete sale was on the table, the NNPCL boss was candid:

“What we are saying is that a sale is not out of the question; all the options are on the table. That decision will be based on the outcome of the review.”

His remarks come at a sensitive time. Just in May, NNPCL announced it was shutting down the Port Harcourt refinery for scheduled maintenance and a sustainability assessment. Meanwhile, billionaire industrialist Aliko Dangote, while showcasing his own massive refinery to African business leaders recently, cast doubt on the future of NNPCL’s facilities, bluntly stating that they might never work again.

Interestingly, this development follows last year’s declaration by former NNPCL chief Mele Kyari, who had celebrated the “successful rehabilitation and commencement of operations” at both the Port Harcourt and Warri refineries.

As Nigeria continues to grapple with fuel import bills and seeks to boost local refining capacity, all eyes will be on NNPCL’s final decision. Whether it leads to a sale or a fresh strategy, it’s clear the fate of these historic refineries is at a critical crossroads.