Tag: Refineries

EFCC recovers ₦38.66bn in refineries rehabilitation probe

Aminu Imam
EFCC on refineries probe

The Economic and Financial Crimes Commission (EFCC) has recovered cash and assets valued at about ₦38.66 billion in an ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries. The anti-graft agency is probing the utilisation of approximately $2.79 billion released between 2021 and 2023 for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries. According to investigators, the huge financial investment failed to produce corresponding improvements in the operational status of the facilities, prompting allegations that substantial portions of…

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“Too much corruption, they’ll never work again’ – Obasanjo slams NNPCL refineries, amid fresh revival plans

Aminu Imam
Obasanjo slams NNPCL refineries

Former President Olusegun Obasanjo has reignited debate over Nigeria’s troubled refining sector, declaring that the country’s state-owned refineries may never function effectively again due to deep-rooted corruption, poor maintenance, and structural inefficiencies. Obasanjo made the remarks during a televised interview aired at the weekend, as the Nigerian National Petroleum Company Limited (NNPCL) continues efforts to secure technical partners for the Port-Harcourt, Warri, and Kaduna refineries, with a target to conclude the process by June 2026. Drawing from his experience in office, the former president argued that government-run enterprises in Nigeria…

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“NNPCL refineries unsustainable, we were wasting public funds” – Ojulari

Aminu Imam
Ojulari on refineries

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has openly admitted that Nigeria’s state-owned refineries were operating at massive losses, prompting his administration to halt their operations to prevent further financial damage to the country. Ojulari made the revelation yesterday in Abuja during a fireside chat, titled: ‘Securing Nigeria’s Energy Future’, at the Nigeria International Energy Summit 2026, where he delivered one of the most candid assessments yet of the nation’s troubled refining sector. According to him, the shutdown was necessary to prevent…

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FG mulls refineries sale, to boost competition

Aminu Imam
FG mulls refineries sale

The Federal Government has said it may sell-off the refineries as part of its economic reform strategy to attract investors, boost competition, and improve efficiency in the downstream oil sector. Nigeria’s four state-owned refineries — located in Port Harcourt, Warri, and Kaduna — have a combined installed capacity of 445,000 barrels per day (bpd) but have remained largely dormant for decades, despite repeated turnaround maintenance projects that cost the government billions of dollars. Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this during an interview with Bloomberg…

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EFCC recovers billions in refinery turnaround maintenance fraud

Aminu Imam
EFCC recovers

…Moves to prosecute ex-NNPCL officials The Economic and Financial Crimes Commission (EFCC) has recovered over ₦5 billion and $10 million from contractors and former officials of the Nigerian National Petroleum Company Limited (NNPCL) indicted in the controversial turnaround maintenance of Nigeria’s refineries in Port Harcourt, Kaduna and Warri. Findings revealed that the anti-graft agency is also pursuing the recovery of an additional ₦10 billion and $13 million allegedly siphoned through inflated contracts awarded for the rehabilitation of the refineries in Port Harcourt, Kaduna, and Warri. Sources disclosed that EFCC Chairman,…

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“Int’l oil traders plotting to cripple refineries in W/Africa” – Ɗangote

Aminu Imam
Ɗangote on oil traders

President/Chief Executive of Ɗangote Industries Limited, Aliko Ɗangote, has said international traders are deliberately frustrating the establishment of new refineries and the efficient operation of existing ones in Africa, to protect their own interests. Ɗangote made these remarks as a keynote speaker at the ‘West African Refined Fuel Conference’ in Abuja, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Commodity Insights. According to Ɗangote, international traders maintain the offshore Lomé floating market, where over one million tonnes of petroleum products are stored in vessels…

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“Audit refineries before any sale” – ADC to FG

Aminu Imam
ADC to FG

The African Democratic Congress, (ADC), has demanded a full audit of Nigeria’s refineries before any plans to sell them proceed, warning that nearly $18 billion spent on rehabilitation efforts may have gone to waste. In a statement by its National Publicity Secretary, Bolaji Abdullahi, the party questioned the Tinubu administration’s decision to privatise the refineries shortly after claiming partial operations had resumed, despite a fresh $2.8 billion investment. “It’s alarming that the same government which declared the refineries functional is now selling them off without accountability or stakeholder consultation,” the…

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After gulping ‘$18bn in repairs, NNPCL may sell P’Harcourt, Kaduna, Warri refineries – GCEO

Aminu Imam
NNPCL on refineries

Citing complications in revamping the Port-Harcourt, Warri and Kaduna refineries, the Nigerian National Petroleum Company Limited (NNPCL) has revealed that the facilities could be sold off. The decision came after the moribund refineries had allegedly gulped about $18 billion in turnaround maintenance. The NNPCL Group Chief Executive Officer (CEO), Bayo Ojulari, disclosed the possible sale of the refineries on the sidelines of the Organisation of Petroleum Exporting Countries (OPEC) International Seminar in Vienna, Austria on Thursday. Ojulari, who spoke with Bloomberg, said the NNPCL was reassessing its refinery strategies and…

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$3bn Refinery Scandal: EFCC arrests sacked MDs, traces ₦80bn to one account 

Aminu Imam
EFCC arrests sacked MDs

The Economic and Financial Crimes Commission, (EFCC), has arrested former managing directors and top officials of Nigeria’s three state-owned refineries over an alleged multibillion-dollar fraud involving the rehabilitation of the plants. Those detained include former heads of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. The EFCC is probing the alleged mismanagement of $2.95 billion earmarked for the revamp of the facilities. A breakdown of the funds under investigation shows $1.56 billion allocated to the Port Harcourt refinery, $740 million to Kaduna…

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NNPCL: Importation of 1.6bn litres of PMS will cripple our economy – CSO warns

Aminu Imam
CSO warns on NNPCL

Threatens mass protest if The Coalition of Civil Society Organisation, (NICOSO), has threatened to go on protest over the decision by the Nigeria National Petroleum Company Limited (NNPCL), to import over 1.6 billion litres of Premium Motor Spirit (PMS). The group, on Tuesday, described the move as not just a policy misstep but a deliberate move to undermine Nigerias local refining potential, cripple the economy, and deepen the hardship faced by ordinary Nigerians. It therefore listed out certain conditions to be met, failure of which it said NICOCSO will organise…

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