The Hoscom Bulk Petroleum Retailers of Port Harcourt Refinery has raised alarm over the management decisions of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, alleging that his actions are tilting the oil sector in favor of a private refinery.
The group’s concerns follow Ojulari’s remarks during a courtesy visit by leaders of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Ojulari had stated that he discovered on assumption of office that operating the Port Harcourt Refinery was incurring heavy losses, which informed the decision to halt operations pending a sustainable solution.
In a statement issued on Friday, Hoscom argued that this justification confirmed longstanding suspicions among stakeholders that the GCEO was deliberately undermining state-owned refineries to give competitive advantage to a private operator.
The statement was signed by High Chief Sunny Nkpe, the Chairman of Board of Trustees (BOT) of Hoscom; Comrade Emmanuel Inimgba, BOT Secretary; Dr. Joseph Obele, Administrative Secretary; Pst. Tekena Ikpaiki, Administrative Chairman; Hon. Dickson Obelley, Comrade Oluka Ochen, and Chief Zephaniah Sample, BOT members.
The group dismissed Ojulari’s explanation of “routine maintenance” or “sustainability assessment,” insisting the shutdown was strategic and detrimental to national interest.
“The billions of dollars spent on the Port Harcourt Refinery’s rehabilitation have gone to waste because the facility was deliberately grounded instead of being allowed to operate during the review process,” the group said.
They further stressed that government-owned refineries are meant to serve as a price regulator in the downstream sector. By shutting them down, Hoscom claimed, NNPCL has effectively handed pricing power to private refineries, exposing Nigerians to potential exploitation.
The group also faulted NNPCL’s reliance on its minority equity in the Dangote Refinery, describing it as an embarrassment.
“NNPCL should be ashamed to proudly state their reliance on the equity stake in a private refinery while shutting down their own,” Hoscom said, noting that the company’s holding in Dangote Refinery now stands at just 7.2 percent instead of the earlier agreed 20 percent due to non-payment of the balance.
The group urged President Bola Ahmed Tinubu to take urgent steps to revive all four state-owned refineries, arguing that a functional refining sector would not only stabilize prices but also create jobs and boost Nigeria’s gross domestic product.
Hoscom declared support for PENGASSAN’s call for a comprehensive revamp of the refineries, warning that continued overdependence on private operators undermines Nigeria’s energy security and public interest.
