The management of Dangote Petroleum Refinery has moved to quash speculation about an operational shutdown, insisting that the multibillion-dollar facility remains in full swing.

In a statement on Friday, the refinery dismissed reports of fuel shortages as “baseless” and “misleading,” declaring that it continues to churn out over 40 million litres of petrol and 15 million litres of diesel every single day.

Far from winding down, operations at the giant plant in Lagos are, according to the company, running at full capacity with truck loading activities in constant motion. The sale of Residual Catalytic Oil (RCO) in recent days, it explained, is a normal part of refining operations—not an indication of trouble.

Throwing down the gauntlet to sceptics, the refinery invited fuel marketers to place orders for its daily production for the next 90 days, saying the offer underscored both its transparency and its determination to safeguard Nigeria’s energy security.

The company also used the opportunity to reaffirm its stance against the importation of substandard petroleum products, vowing to maintain quality and reliability in the domestic market.

The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company (NNPC) Limited three weeks to respond to queries raised against it.

These queries concern audit reports from 2017 to 2023, alleging unaccountability of N210 trillion naira. The committee, chaired by Senator Ahmed Wadada, emphasized that the amount in question is neither stolen nor missing but has yet to be accounted for.

The three-week deadline for explanations was given to Bayo Ojulari, the Group Chief Executive Officer of NNPC Limited, after he apologized for his previous failure to appear before the committee. Ojulari explained that he needed additional time to thoroughly investigate the issues raised in the 19 queries presented to him, citing the technicalities and perspectives involved.

“I’m just over 100 days into my role as GCEO of NNPCL,” Ojulari stated. “I need more time to understand the issues so that I can respond appropriately. I will assemble a team to reconcile the details properly so we can provide answers to the queries. I also plan to engage with external auditors and other relevant groups.”

Although Ojulari initially requested four weeks, the committee granted him three weeks, which they deemed sufficient for NNPC Limited to prepare its responses.

Senator Wadada outlined the details of the queries to the NNPCL CEO, explaining that the N210 trillion unaccounted for broadly includes two components: N103 trillion in liabilities and N107 trillion in assets, both of which must be accounted for.

Wadada stated, “None of the 18 or 19 questions we have regarding NNPCL originate from the committee, the executive, or the judiciary. They are derived from the audited financial statements of the NNPCL, as reviewed by the auditor-general covering the period from 2017 to 2023.

“Furthermore, the committee has never claimed that the N210 trillion in question was stolen or missing. Our investigation is a necessary inquiry into the queries raised in the report, in line with our constitutional mandate.”

The committee has instructed NNPC Limited to provide written responses to all 19 queries within the three-week timeframe. Afterward, the GCEO and other management staff will be invited to appear in person for further discussion and defense of the issues.

Before the chairman’s ruling, nearly all committee members expressed the seriousness of the issues at stake but remained optimistic that the GCEO would clarify these matters.

The Nigerian National Petroleum Company (NNPC) Limited has confirmed that the Port Harcourt Refining Company is not for sale. The company remains committed to completing the high-quality rehabilitation of the plant.

Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPC Limited, announced this decision during a company-wide town hall meeting at the NNPC Towers in Abuja on Tuesday, July 29, 2025.

Ojulari emphasised that this position is not a change but is based on ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries. He explained, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before fully completing its rehabilitation was ill-informed and sub-commercial.”

He noted that while progress is being made on all three refineries, the current outlook suggests the need for more advanced technical partnerships to successfully complete and enhance the rehabilitation of the Port Harcourt refinery. Therefore, selling the refinery is highly unlikely, as it could lead to further value erosion.

This announcement comes amid widespread speculation following Ojulari’s comments at the 2025 OPEC Seminar in Vienna, Austria, earlier this month. During an interview with Bloomberg, he stated that “all options are on the table,” which sparked concern and discussion regarding the future of the nation’s refining assets.

In a statement released by NNPC Limited on Wednesday, July 30, Ojulari reiterated that the national oil company aims to reposition itself as “a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its primary stakeholder group, Nigerians.”