Federal Government has indicated its willingness to sell some of Nigeria’s state-owned refineries in a move aimed at encouraging private sector participation and competition in the nation’s downstream oil sector.
Gatekeepers News reports that Olu Verheijen, Special Adviser to President Bola Ahmed Tinubu on Energy, disclosed this during an interview with Bloomberg TV on the sidelines of the ADIPEC Energy Conference in Abu Dhabi, United Arab Emirates, on Tuesday.
According to her, the possible sale of the refineries operated by the Nigerian National Petroleum Company (NNPC) Limited is among the options being considered as part of the administration’s broader energy sector reforms.
Verheijen noted that it is one of the options that you have to consider after the right technical partner with the right capital has been found.
She explained that Nigeria’s refineries had long relied on government subsidies to stay afloat, but the ongoing subsidy removal policy has now created an opportunity to correct past distortions in the sector.
The aide added, “But now that we’ve removed the subsidies, we’ve removed the distortions in that market.”
In October 2025, NNPC announced that it had begun a comprehensive technical and commercial review of its three non-operational refineries in Warri, Port Harcourt, and Kaduna.
Earlier, on July 11, NNPC’s Group Chief Executive Officer, Bayo Ojulari, had admitted that rehabilitating the refineries was becoming “a bit more complicated,” noting that the company expected to conclude its reassessment before the end of the year.
Speaking further, Verheijen said federal government also views an eventual initial public offering (IPO) for NNPC as a key long-term goal.
She said, “What’s really important to the shareholders is that we have an NNPC that’s a lot more transparent, a lot more efficient and delivers.”
Ojulari also confirmed on Tuesday that NNPC has been improving its operational transparency and governance structure in preparation for the anticipated public listing.
