The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), Bayo Ojulari, has said the company’s core strategy is to deepen collaboration with the Dangote Refinery in order to maximise value for Nigerians and stabilise the country’s energy supply.
Ojulari explained that for many years, NNPC operated under intense pressure as Nigeria’s supplier of last resort, bearing the responsibility of ensuring continuity in fuel supply amid limited domestic refining capacity. However, that pressure, he said, has eased significantly with the coming on stream of the Dangote Refinery.
Expressing gratitude for the development, Ojulari described the refinery as a critical national asset. He noted that regardless of differing opinions about its owner, the most important factor is that the refinery is Nigerian-built, Nigerian-owned, and operational within the country.
He said, “Over the years, there’s been several reasons. NNPC was the supplier of last resort. There was a lot of pressure on being able to maintain continuity and all of that, but we’re not under that pressure. And thank God for Dangote Refinery. Thank God. Whether you love Dangote, you hate him, say whatever you wanna say. Thank God. And thank God he’s a Nigerian, he’s not someone from another continent or another planet. Despite everything, that gave us an opportunity because we have a refinery that is working.
“Yes, it may not meet our full needs, but it gives us breathing space. And luckily, we are shareholders in that refinery as well. So we said, you know, what’s the hurry? We have a refinery that is working. It’s not 100% owned by NNPC, but it’s Nigerian, built in Nigeria, working in Nigeria. Our strategy is to collaborate with the Dangote Refinery and maximise the value delivered to Nigerians. That was our first strategy. And we started doing that. Had a meeting with Alhaji Dangote, explained our institutions, and we agreed on the pathway towards deeper collaboration whilst still maintaining our role as NNPC, being the supplier of last resort.”
Ojulari was careful to clarify that under the Petroleum Industry Act (PIA), Dangote Refinery is not designated as the supplier of last resort. That responsibility, he said, remains firmly with NNPC. As a result, the national oil company must continue to balance collaboration with its statutory obligation to ensure supply security and promote healthy competition within the downstream sector.
He stated, “Dangote is not the supplier of last resort by PIA. So, our responsibility is whatever we do, we have to ensure that there is healthy competition as well, but we need to do what we do. So, once we secure that part, we’re a little bit more relaxed to ensure that we find out what is going on around the refinery.”
Melissa Enoch
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