The Group Chief Executive Officer of Nigerian National Petroleum Company, Bayo Ojulari, has said the state-owned oil firm is planning to conclude its review of the Port Harcourt, Warri, and Kaduna refineries before the end of December 2025.

Ojuari disclosed this in an interview with Bloomberg published on Thursday, at the sideline of the a recent seminar for the Organisation of Petroleum Exporting Countries.

He noted that NNPCL would make a decision on selling the refineries after it had concluded its review process.

According to him, some of the technologies brought in to revamp the refineries have not worked as expected due to the old nature of the plants.

“So our refineries, we have made quite a lot of investment in over the last several years and brought in a lot of technologies. We have been challenged that some of those technologies have not worked as expected so far. As you know, refining a very old refinery that has been abandoned for some time becomes a little bit complicated. So we are reviewing all our refineries strategies now. We hope before the end of the year we will conclude the review.

“The review will lead to us doing things differently.

When asked by Bloomberg whether selling the refineries is an option, Ojulari said, “What we are saying is that a sale is not out of the question; all the options are on the table. That decision will be based on the outcome of the review.

Ojulari’s comments come after NNPCL, on May 24, 2025, announced the shutdown of the Port Harcourt refinery for planned maintenance and sustainability assessment.

In November and December last year, the former GCEO of NNPCL, Mele Kyari, announced the successful rehabilitation and commencement of operations at the Port Harcourt and Warri refineries.

The Nigerian National Petroleum Company Limited, NNPCL, has reduced its premium motor spirit price.

Ekwutosblog correspondent gathered that the NNPCL retail outlets in Abuja on Saturday slashed their petrol pump price to N910 per litre from N945.

This was the case in NNPCL filling stations in Zone 6, Kubwa Expressway, Wuse Zone 4, and other parts of Abuja.

The new petrol price at the state-owned oil firm represents a N30 drop from its earlier N945 per litre price.

The development comes barely four days after Dangote Refinery reduced its petrol ex-depot price to N840 per litre from N880 following a drop in global crude oil prices.

Members of the Independent Petroleum Marketers Association also announced a reduction in the petrol price to between N930 and N940 per litre from N945 and N975 in Abuja and N890 per litre, down from N925 in Lagos State.

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in Additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”