NNPC Under Siege! GMD Confirms Attacks as Ojulari Reveals Shocking N500M Monthly Refinery Loss
The Nigerian National Petroleum Company (NNPC) Limited is facing internal challenges and external attacks amid its transformation efforts, including significant financial losses at the Port Harcourt refinery. GCEO Bayo Ojulari detailed the N500 million monthly losses and the strategic decision to halt non-sustainable rehabilitation, while also addressing resistance to change and reaffirming commitment to reforms despite public scrutiny and leadership changes.
Bayo Ojulari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, has revealed the significant financial challenges plaguing the Port Harcourt refinery, reporting monthly losses of approximately N300 million to N500 million. Speaking in Abuja during a meeting with a delegation from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), led by its president Festus Osifo, Ojulari detailed the long-standing issues stemming from years of neglect.
Ojulari explained that initial attempts to quickly fix the refinery highlighted deep-rooted problems. He noted that despite pumping about 950,000 barrels of cargo to the refinery, the mass balance indicated that less than 40 percent of the input was being converted to output. Furthermore, the refinery was only producing mid-grade products because only half of its operational capacity was functional. He clarified a common misconception, stating that the