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Olu Verheijen, the Special Adviser to President Bola Tinubu on Energy, has revealed that the Federal Government is considering the possibility of selling the refineries owned by the Nigerian National Petroleum Company (NNPC) Limited.
Speaking during an interview with Bloomberg TV at the ADIPEC Energy Conference in Abu Dhabi, United Arab Emirates, Verheijen explained that the move is part of ongoing efforts to encourage competition and efficiency in Nigeria’s refining sector.
According to her, the option of divestment could be explored if suitable technical and financial partners are identified. “It’s one of the possibilities that can be considered if the right partners with sufficient capital and expertise come on board,” she said.
She further noted that Nigeria’s refineries have long relied on government subsidies, but the removal of such subsidies has created a more transparent and competitive market.
It would be recalled that in October, the NNPC announced that it had begun a comprehensive technical and commercial assessment of its refineries in Warri, Port Harcourt, and Kaduna. Earlier in July, the Group Chief Executive Officer of NNPC, Bayo Ojulari, acknowledged that rehabilitating the refineries had proven to be increasingly complex, although a full reassessment is expected to be completed before the end of the year.
Verheijen also hinted that the government’s long-term plan includes a public listing of NNPC shares. “What matters most to the shareholders is ensuring that NNPC becomes more transparent, efficient, and performance-driven,” she stated.
On the same day, Ojulari reiterated that the company is working to strengthen transparency and accountability as part of preparations for the eventual public offering.
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