Business
‘Buhari Rejected Saudi, Qatari Bids For PH Refinery Rehabilitation’
Former Minister of State for Petroleum Resources, Ibe Kachikwu, has disclosed that former President Muhammadu Buhari rejected proposals to hand over the Port Harcourt refinery to private investors, including those from Saudi Arabia and Qatar, for rehabilitation during his tenure.
Kachikwu, also a former Group Managing Director of the then Nigerian National Petroleum Corporation, made the revelation recently while speaking at a business mentorship lecture series organised virtually by the Nigerian Content Development and Monitoring Board.
He recalled that after restarting the refinery in 2015 with local engineers at a cost of less than $40m, his plan was to concession it to private investors, including Saudi Arabia, Qatar and Nigerian consortiums, who had already shown interest.
“If I remember very well, in December 2015, we took the unusual step of reopening the Port Harcourt refinery using local engineers from NNPC who understood the facility and could repair the refineries, and it cost us probably less than $40m at the time.
“So again, I refused to go into this love to turn around maintenances which are costing billions. I never did any.
“My attitude was that the private sector should take over the refinery, pay government licence fees and taxes, and put in the funds to repair it and make it operational.
“There were investors ready to take it, but the proposal was not approved. I believed we should hand over the refinery. Saudi Arabia was ready to take it; Qatar was ready to take it.
“Private Nigerians who have had a bid process put together teams which should have taken over the refinery, paid government licence fees and taxes and some level of joint venture money. And then, go ahead to repair the refinery and make it operational, but it failed because it wasn’t approved”, Kachikwu said.
According to him, when privatisation efforts stalled, he introduced the idea of co-location projects that would allow new investors to build within the premises of the existing plants and share facilities such as storage, pipelines and terminals.
However, he said the government later abandoned that plan and returned to the old model of refinery repairs.
“When that failed because it wasn’t approved, I went to co-location, trying to bring new investments into the same refinery but in a fenced yardage, but be able to share certain facilities like storage, pipelines, terminals and that sort of stuff. When the government abandoned it and said no, they want to go and repair refineries again, we’re still there today”, he explained further.
Kachikwu added that his resistance to costly turnaround maintenance contracts was part of the reason he pushed for private sector involvement.
The former minister said Nigeria could have achieved self-sufficiency in domestic refining earlier if the privatisation and co-location models had been pursued, rather than recurring government-led repairs that have left the refineries moribund.
He recalled awarding licences to nine modular refineries, four of which he said are working today.
Recall that the Port Harcourt, Warri and Kaduna refineries are still not working despite the billions of dollars invested in turnaround maintenance.
The Port Harcourt refinery, which was declared operational last year by the Mele Kyari-led Nigerian National Petroleum Company Limited, was later shut down in May.
While Nigerians called for the sale of their facilities, the new Group Chief Executive of the Nigerian National Petroleum Company Limited, Bayo Ojulari, refused to sell them.
Ojulari had stated that the Port Harcourt refinery was losing as much as N500m every month on operations before rehabilitation works were suspended.
According to him, the refinery was pumping about 50,000 barrels of crude, but less than 40 per cent of the equivalent of what was going in was being processed effectively.
He said, “When I resumed, one of the first priorities I focused on was the refinery. I did a quick review to see if we could quickly fix it. What I found is that we were losing between $300m and $500m on a monthly basis.
“The first thing we said was, ‘Rather than continue to lose, let’s quickly stop and look for a way to put this refinery into a sustainably profitable venture.”
Amid speculations that the refineries may not work again, Ojulari showed strong determination that they will work again.
Contrary to the views of the President of the Dangote Group, Alhaji Aliko Dangote, that the refineries might not return to operations, Ojulari said the NNPC is highly determined to achieve this.
The organised private sector, the Manufacturers Association of Nigeria, petroleum marketers, and other stakeholders have all called for the sale of the refineries, but Ojulari rejected the advice.
In July, Dangote stated that the refineries, which are under the management of the NNPC, had gulped up to $18bn, yet they have refused to work.
Recall that Ojulari himself echoed a similar sentiment in an interview with Bloomberg at the same time in Vienna, Austria, stating that the country had invested heavily in the refineries without getting any tangible results.
He said reviews were ongoing and that would lead the NNPC to do things differently.
“And as you know, we are determined! We are determined to make sure that our refineries work. We’ve been spending a lot of time on detailed reviews (sic), taking all the learnings.
“We are driven by the fact that the Nigerian states and the future of Nigeria’s success are above any individual of us. That’s what drives our determination to ensure that we put a solution that is sustainable for our refineries”, he said last month.
Ojulari, who officially ruled out the sale of the Port Harcourt refinery, reaffirmed his commitment to completing “high-grade rehabilitation” and retention of the plant.
He stated that the position isn’t a shift. Rather, it was informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
The statement indicted the past NNPC executive, quoting Ojulari as saying that “the ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.”
He was quoted as saying, “Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely, as it would lead to further value erosion.”
Meanwhile, Nigerians are hopeful that more resources will not be wasted on efforts to revamp the moribund facilities.
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Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.
The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.
This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.
In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.
According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.
Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.
The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.
“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.
The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.
The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.
The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.
Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.
Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.
Enoch Epelle
Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.
Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.
The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.
The exercise is expected to reach more than 60,000 regular undergraduate students.
Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.
He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.
According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.
He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.
The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.
Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.
Nkpemenyie Mcdominic, Lagos
The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.
The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.
At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.
Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.
According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).
“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.
He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.
To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.
On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.
He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.
He expressed confidence that the renewal would be concluded soon.
Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.
“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said
Nkpemenyie Mcdominic, Lagos