Connect with us

News

NNPC Considering Sale Refineries — Rehabilitation Becoming More Complicated

But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now.”

Published

on

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling some of its refineries as it is becoming a ‘bit more’ complicated to revamp state-owned refineries.

Speaking during an interview with Bloomberg on Thursday at the 9th OPEC International Seminar in Vienna, Austria, Bayo Ojulari the group chief executive officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, revealed that a comprehensive strategic review of the company’s refinery operations is currently underway and should be concluded before the end of 2025.

“So we’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently,” he said.

When asked whether the review could lead to a sale of the refineries, the NNPC boss responded, “But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now.”

Nigeria’s state-owned refineries, including those in Port Harcourt, Warri, and Kaduna, have been largely non-operational for years. Efforts to revive them have faced repeated setbacks. Although the Port Harcourt refinery resumed limited operations in November 2023, it was shut down again in May 2025 for maintenance.

Ojulari attributed the delays and operational issues to aging infrastructure and underperforming technologies.

“So refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We’ve been challenged.
Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated,” he said.

The NNPC boss also addressed the cost burden of crude oil production in the country, noting that Nigeria currently spends between $25 and $30 to produce a barrel of crude oil, driven in part by the cost of securing pipeline infrastructure.

“For the cost of crude production, there’s a capital cost and there are the operating costs,” he said. “The operating cost right now in Nigeria is hovering over $20 per barrel, which is quite high.

“Part of that is because of the investment we’ve had to make in terms of security of our pipelines, which, as you know, today we have 100 per cent availability of our pipelines. That came out of significant investment. So we believe with time, with stability, that cost will start going down, but for now it’s somewhere between $25 and $30 a barrel,” he added.

Despite the setbacks, Ojulari expressed optimism about the country’s production targets, saying NNPC aims to ramp up Nigeria’s oil output to 1.9 million barrels per day by the end of the year.

 

News

Couple Kidnapped, One Shot In Ondo Estate Attack

Published

on

By

Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.

During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.

The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.

Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.

According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.

During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.

A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.

While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.

In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.

“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.

“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”

Continue Reading

News

Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

Published

on

By

The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.

Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.

NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.

The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)

In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

Continue Reading

News

Maureen Badejo To Appear Before Federal High Court Tomorrow On Defamation, Cybercrime Charges

Published

on

By

Maureen Omorinola Badejo is scheduled to appear before the Federal High Court sitting in Ikoyi, Lagos, on February 20, 2026, following charges filed by the Inspector-General of Police over allegations bordering on defamation, cyberstalking, and related offences.

 

 

The charges arise from online publications made in November 2021, in which Ms. Badejo allegedly transmitted statements and videos on YouTube and Facebook concerning Apostle Johnson Suleman and his associate Dickson Omodiale Osajie.

 

 

According to the charge sheet, the prosecution alleges that:

 

Ms. Badejo conspired with others to publish defamatory content against Apostle Suleman.

 

She allegedly portrayed him as a cultist, rapist, assassin, ritualist, and other criminal labels, knowing the claims to be false.

 

She is accused of sending false messages via computer networks intended to cause annoyance, hatred, intimidation, and injury to reputation.

 

Additional allegations state that defamatory statements were also made against Mr. Dickson Osajie, claiming involvement in crimes such as rape and ritual killing.

 

Authorities further allege that the publications caused fear for safety and threatened bodily harm to the complainants.

The offences cited fall under provisions of the Criminal Code Act (Cap C38, Laws of the Federation of Nigeria, 2004) and the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

 

The case follows a formal petition submitted to the Nigeria Police Force by Mr. Osajie, who alleged persistent cyberstalking, harassment, invasion of privacy, threats to life, and dissemination of false information affecting himself, Apostle Suleman, and their families.

Statement from Maureen Badejo

Ms. Badejo maintains her readiness to face the court and present her defense, expressing confidence in the Nigerian judicial system to ensure fairness and justice.

 

 

“I will appear in court as required and trust that the truth will prevail through due legal process,” she stated.

 

 

However Ms. Badejo is expected to be formally arraigned before the Federal High Court in Ikoyi, where the charges will be read and she will enter her plea.

Continue Reading

Trending