Ojulari explained that once his management team began a detailed review of refinery operations, the financial reality became immediately clear. But when you look at the net, we were just leaking away value,” Ojulari said. As a result, Ojulari said the first major decision of his administration was to halt refinery operations to prevent further losses and allow for a rapid reassessment. Ojulari acknowledged that the decision to halt operations was politically sensitive, noting that NNPC had historically been pressured to keep refineries running to ensure fuel supply continuity. Ojulari’s comments mark one of the most candid acknowledgements by an NNPC chief executive that continued refinery operations, under prevailing conditions, were economically unjustifiable.

Source: Punch February 04, 2026 14:28 UTC