Tinubu’s Energy Adviser Hints FG May Sell NNPC Refineries To Private Investors

The Federal Government has indicated a willingness to sell the Nigerian National Petroleum Company Limited (NNPCL) refineries if credible technical and financial partners emerge to take over their operations. This was revealed by Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, during an interview with Bloomberg TV on the sidelines of the ADIPEC Energy Conference in Abu Dhabi, United Arab Emirates.

According to Ireporter Online, Verheijen explained that the planned sale is part of a broader reform agenda aimed at driving efficiency and competitiveness within Nigeria’s downstream oil sector. She noted that divesting the refineries remains one of several strategic options being explored to rejuvenate the nation’s petroleum industry.

“It’s one of the options that must be considered if the right technical partner with adequate capital is found,” Verheijen stated. She added that the state-owned refineries had long depended on government subsidies, a system that disrupted market balance and discouraged efficiency.

“But now that the subsidies have been removed, the distortions in the market have also been cleared,” she added, stressing that the new policy direction encourages transparency and private investment.

Reports indicate that the NNPC recently began a comprehensive technical and commercial review of its three major refineries located in Warri, Port Harcourt, and Kaduna to evaluate their operational viability. Earlier in July, the Group Chief Executive Officer of NNPC, Bayo Ojulari, admitted that the refinery rehabilitation process had become more complex than initially anticipated, but reassured that the reassessment would be completed before the end of the year.

Verheijen further reiterated that the Federal Government’s long-term vision involves publicly listing NNPC on the stock exchange, describing it as “an end destination” for the company’s restructuring. “What’s really important to the shareholders is that we have an NNPC that’s more transparent, more efficient, and delivers measurable results,” she stated.

Ojulari also confirmed that NNPC is actively improving transparency across its operations in preparation for the highly anticipated Initial Public Offering (IPO), which will mark a significant milestone in Nigeria’s oil and gas reform journey.