I Did Not Direct NNPCL To Stop Refinery Operations — Oil Minister

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Thursday, October 10th, 2024

(AFRICAN EXAMINER) – The clarification came following reports that Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, who represented him at an event in Lagos, said that he directed the company to focus on equity participation in other refineries.

However, the minister 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.

“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.”