Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, has admitted to increasing challenges in the ongoing effort to revive Nigeria’s state-owned refineries. Although the Port Harcourt refinery resumed crude oil processing on November 26, it was shut down again in May for maintenance. Rehabilitation efforts are still underway at the Warri and Kaduna refineries. In an interview with Bloomberg on the sidelines of the 9th OPEC International Seminar in Vienna, Austria, Ojulari revealed that the NNPC is reassessing its refinery strategies and expects to complete this review by the end of the year. “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,” he said. “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. “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.” When asked whether the review could result in selling the refineries, Ojulari said a sale remains a possibility. “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,” he said. Ojulari also addressed the cost of oil production in Nigeria, stating that operating expenses range between $20 and $30 per barrel. “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 percent 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.” Looking ahead, Ojulari said NNPC aims to increase Nigeria’s oil output to 1.9 million barrels per day (bpd) by the end of the year.

The President of the Dangote Group, Alhaji Aliko Dangote, has expressed doubt over the prospects of the state-owned refineries in Port Harcourt, Warri, and Kaduna ever becoming operational again. Dangote noted that despite the Nigerian National Petroleum Company Limited spending as much as $18 billion on these refineries, they have failed to produce results. Speaking on Thursday while hosting members of the Global CEO Africa delegation from the Lagos Business School after a tour of the Dangote Petroleum Refinery in Lekki, Lagos, the billionaire industrialist highlighted that his 650,000-barrel-per-day refinery now allocates over 50 per cent of its production to Premium Motor Spirit (petrol). In contrast, he said, the government-run refineries dedicated only about 22 per cent of their output to petrol. Dangote also recounted how his earlier attempt to acquire the refineries was reversed a few months after former President Olusegun Obasanjo left office in 2007. According to him, the managers of the refineries convinced then-President Umaru Musa Yar’Adua that Obasanjo had sold the facilities to him below their real value as a farewell gesture, leading to the cancellation of the sale. “The refineries that we bought before, which were owned by Nigeria, were doing about 22 per cent of PMS. We bought the refineries in January 2007. Then we had to return them to the government because there was a change of government. “And the managing director at that time convinced Yar’adua that the refineries would work. They said they just gave them to us as a parting gift or so. And as of today, they have spent about $18bn on those refineries, and they are still not working. And I don’t think, and I doubt very much if they will work,” he said. Dangote emphasised that the turnaround maintenance of the refineries was like trying to modernise a car built 40 years ago, when technology has advanced. “(The turnaround maintenance) is like you trying to modernise a car that was built 40 years ago, when technology and everything have changed. Even if you change the engine, the body will not be able to take the shock of that new technology engine,” he stated. Dangote’s remarks reinforced former President Olusegun Obasanjo’s statement last year regarding the refineries, two of which were shut down again despite being declared operational by former NNPC Group Managing Director, Mele Kyari, in the fourth quarter of 2024. Obasanjo had explained that the NNPC knew it lacked the capacity to run the refineries, revealing that international oil companies such as Shell had previously declined his request to manage them. He also recalled that some Nigerian investors, including Aliko Dangote, once paid $750 million to acquire the refineries, but the deal was cancelled by his successor, President Umaru Musa Yar’Adua. “I ran to him (Yar’Adua), I said, ‘You know this is not right’. He said, ‘Well, NNPC said they can do it.’ I said, ‘NNPC cannot do it,’ I told my successor that ‘the refineries, from what I heard and know, will not work and when you want to sell them, you will not get anybody to buy them at $200m as scrap’. And that is the situation we are in. “So, why do we do this kind of thing to ourselves? NNPC knew that they could not do it, but they knew they could eat and carry on with the corruption that was going on in NNPC. When people were there to do it, they put pressure. In a civilised society, those people should be in jail,” Obasanjo had stated. Again, in January, Obasanjo said, “I was told not too long ago that since that time, more than $2bn have been squandered on the refineries and they still will not work. “If a company like Shell tells me what they told me, I will believe them. If anybody tells you now that it (the refinery) is working, why are they now with Aliko (Dangote)? And Aliko will make his refinery work; not only make it work, he will make it deliver.” Obasanjo concluded with a Yoruba proverb, comparing inflated claims about the refineries’ performance to a farmer who planted 100 heaps of yam but falsely claimed to have planted 200. “They say that after he has harvested 100 heaps of yams, he will also have 100 heaps of lies. You know what that means,” he said.

The naira yesterday weakened in the parallel market, sliding to N1,562 per dollar from N1,560 per dollar on Tuesday. However, it strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,520 per dollar after a two-day losing streak. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved to N1,520 per dollar from N1,530.5 per dollar on Tuesday, marking a gain of N10.5. As a result, the gap between the parallel market rate and the NFEM rate widened to N42 per dollar, up from N29.5 per dollar the previous day.

The naira yesterday strengthened in the parallel market, appreciating to N1,560 per dollar from N1,565 per dollar recorded on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the naira weakened slightly to N1,530.5 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate edged up to N1,530.5 per dollar from N1,529.5 per dollar on Monday, reflecting a depreciation of N1. As a result, the gap between the parallel market rate and the NFEM rate narrowed to N29.5 per dollar, down from N35.5 per dollar the previous day.

Yesterday, Dangote Petroleum Refinery reduced its depot price of Premium Motor Spirit (petrol) to N820 per litre from N838 per litre, reflecting intensifying competition in Nigeria’s domestic market. The price cut also followed a drop in global crude oil prices, which fell to $70 per barrel yesterday from over $77 per barrel in June 2025. Meanwhile, other operators similarly reviewed their depot prices to stay competitive. According to petrolprice.com, Dangote Refinery’s adjustment was the most significant. Fatgbems made the smallest change, lowering its price to N837 per litre from N838 per litre. Integrated Oil and Bovas both reduced their depot prices to N836 per litre from N837 per litre. AIPEC dropped its price to N837 per litre from N840 per litre, while First Royal adjusted to N838 per litre.

The naira yesterday strengthened in the parallel market, appreciating to N1,570 per dollar from N1,580 per dollar on Wednesday. In contrast, it recorded its first loss in the Nigerian Foreign Exchange Market (NFEM) after a week-long rally, slipping to N1,525 per dollar. According to data released by the Central Bank of Nigeria (CBN), the official exchange rate weakened further to N1,527.5 per dollar from N1,525 per dollar on Wednesday, reflecting a depreciation of N2.5. As a result, the gap between the parallel market rate and the NFEM rate narrowed to N42.5 per dollar, compared to N55 per dollar the previous day.

The naira weakened yesterday in the parallel market, slipping to N1,585 per dollar from N1,570 per dollar recorded on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the naira strengthened to N1,527 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved by N5, appreciating to N1,527 per dollar from N1,532 per dollar on Monday. As a result, the gap between the parallel market rate and the NFEM rate widened to N58 per dollar, up from N38 per dollar the previous day.

U.S. tech billionaire Elon Musk’s company, SpaceX Starlink, has officially resumed satellite internet activation for customers across Nigeria. The announcement was made by the company in an email on Saturday. According to Starlink, customers in high-demand areas such as Lagos, Abuja, and other major cities are among the first to benefit from the renewed service. “The internet service provider has officially resumed activations for customers nationwide, with Lagos, Abuja, and other high-demand regions at the forefront of this exciting revival,” it said. Recall that between October and November last year, Starlink temporarily paused activations of new customers over regulatory approvals. This comes after the internet company with over 60,000 subscribers arbitrarily increased its subscription prices without the Nigerian Communications Commission’s approval in October 2024.

In a dynamic push to energize local businesses, young creatives trained under the Tompolo Foundation and Tantita Security Services, in partnership with PEB ICT Services, have unveiled a groundbreaking branding campaign to transform entrepreneurship in Warri. The initiative springs from an intensive three-month Graphic Design program where participants mastered branding, visual communication, and marketing strategies. The campaign, themed **“Building Strong Brand Identity for Small Business Growth,”** was officially launched with a vibrant showcase of ideas set to reshape how small businesses present themselves. Central to the campaign are six key pillars: * Defining brand purpose * Understanding target audiences * Creating a distinctive visual identity * Developing a consistent brand voice * Strengthening digital presence * Building trust through quality and engagement At the launch, team spokesperson ThankGod Ugedi emphasized, “We’re not just leaving with certificates — we’re stepping into the community with a clear mission: to help local entrepreneurs craft strong brand identities and compete effectively.” The newly trained team expressed deep gratitude to the Tompolo Foundation, Tantita Security Services, and PEB ICT Services, especially acknowledging Dr. Paul Bebenimibo and Major Moses for their guidance and mentorship. This campaign marks more than the end of a training program—it signals the rise of a youth-driven movement to spark economic revival in Warri. Armed with creative skills and a commitment to local growth, these young designers are ready to help businesses unlock new potential through the power of branding.

The naira appreciated on Wednesday, strengthening to N1,590 per dollar in the parallel market, up from N1,595 on Tuesday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira rose to N1,549 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved from N1,550 to N1,549 per dollar, reflecting a N1 gain. As a result, the gap between the parallel market and NFEM rates narrowed to N41 per dollar, down from N45 on Tuesday.