Business
PORT HARCOURT REFINERY AND THE TRUTH WE MUST KNOW
By Eguono King
The story of the Port Harcourt Refinery’s alleged operation is one that stands out as a significant lesson in the developing tale of Nigeria’s petroleum industry. It is replete with deceit, laced with ineptitude, and a violation of public confidence. The Nigerian National Petroleum Company Limited’s (NNPCL) Group Chief Executive Officer (GCEO), Mele Kyari, has once again demonstrated that he is better at publicity stunts than at executing true leadership. His recent statements regarding the refinery are not only false, but they also represent a larger systemic breakdown that jeopardizes the future of Nigeria’s oil industry.
It would take just a little digging to unpack the layers of deception surrounding the Port Harcourt Refinery. Kyari’s role in perpetuating this fraud is now very clear to President Tinubu to see him for what he truly is: an inherited problem from the Buhari administration who must be pruned from his administration and held accountable for the grave injustice done to Nigerians. The oil sector is too critical to Nigeria’s economy and national security to be left in the hands of unaccountable individuals.
It would be important to understand that the Port Harcourt Refinery has long served as a representation of Nigeria’s faltering oil sector. Once a ray of hope for the country’s ability to produce its own refined petroleum products, it has been enmeshed in political mismanagement, corruption, and operational inefficiency for decades. Nigerians are now dependent on imported petroleum products since the refinery has not lived up to expectations despite billions of dollars in alleged “rehabilitation” works.
In this context, many knowledgeable observers already viewed Kyari’s statement of the refinery’s purported functionality with skepticism. And rightly so: further investigation has shown that the refinery has not actually started refining Premium Motor Spirit (PMS) as stated. Rather, the entire story seems to have been made up to score cheap political points and divert attention away from the NNPCL leadership’s persistent failure.
The scope of this fraud that NNPCL masterminded under Kyari’s direction is demonstrated by a two-phased reports.
Firstly, a quick observation of this charade highlights a stark similarity between the Port Harcourt Refinery and the doomed Nigeria Airways project. It can be recalled that the Nigerian Airways was a ponzi joke which lasted for a while, and was cunningly used to siphon public funds under the pretense of developing our aviation sector. These programs have come to reflect the level of incompetence and deceit going on in the government. The refinery’s touted functionality is nothing more than a flightless dream – an obvious mirage designed to manipulate and sway public perception.
Secondly, information from a whistleblowers within NNPCL have revealed the shocking reality: PMS is not being refined at all by the refinery. These insiders claim that NNPCL has resorted to blending imported products such as Naphtha and cracked petroleum resins, to provide the illusion of domestic refining. This deceitful behavior not only erodes public confidence but also calls into question the integrity of NNPCL’s leadership. The revelation that parts of the refinery capable of producing PMS are still non-functional further discredits Kyari’s claims. It is now evident that the trucking of petroleum products from the refinery was staged, with NNPCL relying on external purchases to mask the refinery’s continued dormancy.
There has been a pattern of mismanagement, dishonesty, and a blatant disregard for accountability during Mele Kyari’s time as NNPCL’s GCEO. A number of his acts have undermined trust in NNPCL, its capacity to fulfill its purpose, and his handling of the Port Harcourt Refinery issue is just the most recent. The tenure of Kyari’s leadership has seen the oil industry devolved into a theater of unfulfilled promises. From botched refinery restoration initiatives to dubious financial dealings, Kyari has continuously and consistently prioritized short-term optics above long-term fixes. His leadership style has been defined by a lack of transparency and a reluctance to confront the systemic problems that the oil and gas industry Is facing. The question of concern remains, Why is President Bola Tinubu still working with such burden in his administration?
The Port Harcourt Refinery debacle exemplifies Kyari’s modus operandi: using elaborate publicity stunts to mask underlying failures. By falsely claiming that the refinery is operational, Kyari has not only misled Nigerians but also jeopardized the credibility of NNPCL at a critical time when the nation is grappling with economic challenges and rising energy costs.
The damage Inflicted by Mele Kyari on Nigeria’s oil and gas sector extends beyond immediate financial and operational losses, it has deeply undermined public trust in the industry and government. For decades, Nigerians have been promised a robust and self-sufficient refining sector, yet time and again, these promises have been betrayed. The Port Harcourt Refinery fiasco symbolizes the culmination of years of mismanagement and deceit, and the public’s patience is wearing thin. His actions are a stark betrayal of confidence imposed in him by his employer, the president. Without he himself realizing it, he has created a subconscious, deep-seated longing for the sort of invidiously stratified, poor regime that’s being strengthened with every bad Policy and public stunts he has ever adopted for a cover-up.
Kyari must be held accountable for his acts if Nigeria’s petroleum industry is to regain public confidence. President Tinubu needs to take firm action to stop the corruption in NNPCL and acknowledge Kyari as a liability that was passed down from the Buhari administration. The Port Harcourt Refinery allegations and other contentious choices taken during Kyari’s leadership should first be the subject of an impartial investigation. Finding the entire scope of the deceit and identifying the syndicates he employed in deceiving the public should be the goals of this investigation.
Secondly, NNPCL’s operations and leadership need to be completely overhauled, because it’s obvious that with the level of corruption going on there, nothing good will come from such leadership. A new generation of leaders dedicated to transparency and commitment must be introduced, and the culture of impunity that Kyari has fostered must be destroyed.
Lastly, real refinery restoration initiatives that are led by professionals and devoid of political interference must be given top priority by the government. Only by establishing a viable, self-sufficient refining industry will Nigeria’s reliance on imported petroleum products be lessened as a national security threat.
It is a fact that , “From error to error, one discovers the entire truth,” Sigmund Freud once said. In other words, errors in speech and in writing sometimes serve as lenses that help reveal an unconscious, suppressed, or subdued desire or internal thought. Nigerians have endured this multiple errors thrown at them, and now it’s time to embrace the truth. Kyari’s actions are intentional errors that were made to profit some few individuals at the expense of the livelihood of millions of individuals. Mr President error is in retaining a catastrophe like Kyari in his administration up till this present moment, and it will be a great disservice to the country if he doesn’t remove him from his position.
To tell Nigerians the truth, Mele Kyari’s tenure as GCEO of NNPCL has been a disaster for Nigeria’s oil and gas sector and for the future of millions of Nigerians dependent on it. His deceptive claims about the Port Harcourt Refinery are a proven stark reminder of the dangers of entrusting critical national assets to individuals who lack the vision and integrity to manage them effectively. One of the biggest enablers of corruption and inefficiency in Nigeria’s oil sector is the culture of impunity that allows officials like Kyari to operate without fear of accountability. This must change. A strong message needs to be sent that no one, regardless of position or influence, is above the law.
The Port Harcourt Refinery controversy is more than just a scandal to be debated upon, it is a reflection of the systemic dysfunction that has plagued Nigeria’s oil sector for decades. The final decision is in the hands of Mr President if he’s truly conscious of implementing his renewed hope agenda. President Tinubu has a unique opportunity to chart a new course for Nigeria’s petroleum sector. By confronting the failures of the past and taking bold steps to address the systemic issues within NNPCL, he can lay the foundation for a brighter, more sustainable future.
Kyari must be seen for what he is: a menace to the oil sector, a disappointment to the presidency, a liability, and a remnant of the failed policies of the Buhari administration that must be excised for the good of the nation. It is time for him to be pruned and convicted, and for NNPCL to undergo the radical transformation it so desperately needs. The truth about the Port Harcourt Refinery is just the tip of the iceberg—beneath it lies a deeper crisis that demands urgent attention and decisive action.
This is a crossroads moment for Nigeria. The decisions made in the coming months will determine whether the country continues to stumble under the weight of past failures or rises to meet the challenges of the future. Kyari must go, and the truth about the Port Harcourt Refinery must be a turning point, not just for the oil sector, but for the nation as a whole.
King wrote this piece from Port Harcourt.
Business
CRMI Urges Strategic Repositioning After UAE’s OPEC Exit
The Chartered Risk Management Institute of Nigeria (CRMI) has issued a Policy Advisory in response to the United Arab Emirates’ (UAE) decision to exit the Organization of the Petroleum Exporting Countries (OPEC), effective May 1, 2026.
This is contained in a statement signed by the Registrar /CEO
Chartered Risk Management Institute of Nigeria (CRMI), Mr Victor Olannye.
According to him “ This landmark development signals a significant shift in global oil governance, potentially leading to increased market volatility, geopolitical tensions, and energy supply chain disruptions. CRMI advises corporate members, public sector institutions, financial institutions, and individual risk professionals to reassess their risk management strategies and strengthen institutional resilience.”
Mr Olannye, Ph.D., highlighted Key Risks to include
Structural breakdown of OPEC’s cohesion Oil price volatility
Geopolitical instability
Energy supply chain disruptions Macroeconomic uncertainty
Contagion risk of other member states exiting OPEC
Implications for Nigeria according to the Registrar include Increased production flexibility, potential market share expansion, and enhanced revenue prospects.
On Risks: Exposure to price volatility, reduced supply management protection, heightened competition, and fiscal instability.
He highlighted Policy Directives to Corporate Organizations to ensure they Implement robust risk management frameworks, adopt dynamic hedging strategies, and diversify business portfolios while calling on Financial Institutions and Investors to Reassess energy-related risks, strengthen portfolio diversification, and enhance risk disclosure
He called on Public Sector and Policymakers to Strengthen fiscal buffers, accelerate economic diversification, and promote renewable energy transition
For Individual Risk Professionals, the CRMI is advocating Upskill in geopolitical risk analysis and energy economics, develop expertise in scenario planning and predictive analytics.
CRMI urged stakeholders to proactively reposition their strategies to navigate this evolving geo- economic environment.
“ The Institute anticipates possible scenarios, including fragmentation of global oil governance structures, increased market-driven oil pricing mechanisms, and acceleration of global energy transition initiatives” he added
Business
UNLEASH 2026: Dr. Elizabeth Jack-Rich Puts African Enterprise on Global Agenda
Nigerian entrepreneur, business leader, and philanthropist Dr. Elizabeth Jack-Rich, Founder and CEO of Elin Group Limited, commanded global attention at the inaugural UNLEASH Global Business Conference 2026, held Friday at the prestigious Johns Hopkins University Bloomberg Center in Washington, DC.
Widely regarded as one of Nigeria’s most respected businesswomen and philanthropists, Dr. Jack-Rich featured as both a key panelist and a keynote speaker — further cementing her status as one of Africa’s most influential voices on the global stage.
She joined a high-level Fireside Chat titled _“Leadership in the Age of Disruption: Identity, Power, & Impact,”_ alongside Denise Fall, Senior Leader in Immunology at Johnson & Johnson, and Tolani Alli, Creative Campaign Director at the World Bank. The session brought together accomplished women leaders to examine how identity, power dynamics, and purposeful leadership intersect in today’s volatile global business environment.
Described as insightful, energizing, and highly relevant, the conversation resonated strongly with young professionals and emerging leaders navigating volatility, sustainability challenges, and opportunities across emerging markets.
Beyond the Fireside Chat, Dr. Jack-Rich delivered a powerful keynote address that anchored key discussions on building resilient enterprises and leading with impact amid disruption.
Dr. Jack-Rich leads Elin Group Limited, a diversified conglomerate with strategic interests spanning:
– Real Estate Development
– Power Generation and Gas Utilization
– Agriculture
– Mining
– Maritime and Aviation — notably through Elin Air, where she stands out as one of the few female operators of private jet charter services in Nigeria
– *Logistics and Infrastructure*
Beyond her corporate achievements, she is the driving force behind the Elizabeth Jack-Rich Aid Foundation (EJRAID), through which she has executed numerous high-impact philanthropic initiatives focused on poverty alleviation, women and youth empowerment, education, and community development across Nigeria.
Themed _“Building For What’s Next,”_ UNLEASH 2026 was a one-day strategic summit co-hosted by three prominent student organizations at Johns Hopkins Carey Business School: the Africa Business Club, Women in Business Graduate Club, and Net Impact Club. The conference drew MBA students, young professionals, entrepreneurs, corporate executives, and policymakers for robust dialogue on leadership, innovation, sustainability, and strategies for thriving in an era of global disruption.
Her participation was widely applauded as a proud moment for Nigerian and African representation in global leadership conversations, with many attendees citing her journey as a blueprint for purpose-driven enterprise and impact.
Business
Dangote Sugar Seeks To Raise ₦500bn Capital Through Rights Issue
Dangote Sugar Refinery Plc has announced plans to raise up to N500 billion through a Rights Issue.
The company said shareholders have approved the plan to raise capital through the issuance of ordinary shares.
The development was disclosed in a statement signed by the Company Secretary, Temitope Hassan, following the company’s 20th Annual General Meeting held in Lagos.
Subject to regulatory approval, the move is part of efforts to strengthen its capital base and support future growth.
“The Directors of the Company be and are hereby authorised to raise capital of up to N500 billion by way of Rights Issue through the issuance of ordinary shares, on such terms and conditions and at such time as the Directors may deem fit.”
The Rights Issue may be underwritten, depending on terms approved by the Board and regulatory authorities, the company said, noting that any shares not taken up by existing shareholders may be offered to other interested investors.
The company stated that the initiative is aimed at strengthening its financial capacity to support long-term growth objectives.
The capital raise move comes as Dangote Sugar’s financial performance reflects both growth and improvement.
In its 2025 audited results, revenue increased by 24.56% to N829.2 billion, driven largely by strong demand for 50kg sugar, which accounted for N807 billion of total revenue.
Retail sugar sales contributed N17.7 billion, while molasses and freight income added N4.02 billion and N66.4 million, respectively.
Cost of sales rose by 11.35% to N706.5 billion, largely due to raw material costs of N573.3 billion, resulting in a gross profit of N122.6 billion.
The company reported a pre-tax loss of N72.2 billion, an improvement from the N270.8 billion loss recorded in 2024.
Regional sales showed Lagos accounting for 55.82%, followed by the North at 35.35%, the West at 6.45%, and the East at 2.38%.
Dangote Sugar said its share capital will be increased to accommodate the new shares to be issued under the Rights Issue.
The Board has been authorised to allot shares and manage fractional holdings in line with regulatory requirements.
“Any unallotted shares after the exercise will be cancelled as permitted by law”, the notice added, stating that the capital raise ranks among the largest Rights Issues in Nigeria’s corporate history.
-
Cover8 months agoNRC to reposition train services nationwide.. Kayode Opeifa
-
Fashion9 years agoThese ’90s fashion trends are making a comeback in 2017
-
Entertainment9 years agoThe final 6 ‘Game of Thrones’ episodes might feel like a full season
-
Opinion1 year agoBureaucratic Soldier, Kana Ibrahim heads Ministry of Aviation and Aerospace After Transformative Tenure at Defence
-
Politics1 month agoNNPP Diaspora Stakeholder and Key Kwankwaso Ally, Dr. Usman Tijjani Shehu, Rejoins APC
-
Opinion1 year agoHon. Daniel Amos Shatters Records, Surpasses Predecessor’s Achievements in Just Two Years
-
Opinion5 months agoBarrister Somayina Chigbue, Esq: A rising legal leader shaping institutioal excellence in Nigeria
-
News9 months agoNigerian Nafisa defeats 69 Countries at UK Global Final English Competition
