2 weeks Ago By Ikenna Ngere
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri , has denied instructing the Nigerian National Petroleum Company Limited (NNPCL) to halt its refinery operations and focus solely on equity investments in other refineries. This follows reports that suggested Lokpobiri’s directive was conveyed by Engr. Kamoru Busari , Director of Upstream in the Ministry of Petroleum Resources, during an event in Lagos.
Busari, who represented the minister, allegedly implied that NNPCL was instructed to prioritize equity participation over direct refinery management. In a clarifying statement, Lokpobiri stated, “ My attention has been drawn to statements made by Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, who represented me at a recent conference in Lagos.
“I wish to categorically state that the claim that I directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries is false. This does not represent my position as Minister overseeing the oil sector, nor does it reflect the stance of the Federal Government.” Lokpobiri further emphasized that NNPCL operates independently under the Companies and Allied Matters Act (CAMA), managed by its own board and executive team, without direct oversight from the Ministry.
He clarified that, as a deregulated entity, NNPCL is encouraged to pursue in-country refining, with the government providing strategic support rather than operational control. “ It is important to clarify that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management. The Ministry of Petroleum Resources does not control or run NNPCL, as it operates independently like any corporate entity.
“The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining. We encourage companies, including NNPCL, to operate independently, following global best practices. While we provide strategic guidance, we do not interfere directly in the operations of these companies.
“I reaffirm our commitment to supporting the growth and independence of NNPCL, ensuring that its operations are in line with international standards for efficiency and transparency and profitability, ” Lokpobiri affirmed..
