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NNPC Admits Inability to Run Refineries, Seeks Foreign Partners

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Ajiyya

NNPC admits it cannot run modern refineries profitably, seeks foreign operators with equity stakes as losses and inefficiencies persist

For the first time in decades, the Nigeria National Petroleum Company (NNPC) Limited has publicly admitted its inability to operate modern refineries profitably and is seeking foreign partners with equity stakes to manage them efficiently.

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Also read: NNPC Gas Master Plan Targets 2bn Cubic Feet Gas Production by 2030

The revelation came during a fireside chat titled “Securing Nigeria’s Energy Future” at the Nigerian International Energy Summit 2026 in Abuja, where NNPC Group CEO Bayo Ojulari cited economic realities as the reason for halting refinery operations.

“When we assessed the refineries, it was clear they were destroying value. Every barrel processed was running at a loss,” Ojulari said.

He explained that refinery utilisation rates hovered between 40 and 50 per cent, while operating costs, crude supply losses, and contractor payments continued to rise, creating a situation in which processing crude oil resulted in net losses for the country.

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“The result was a system that converted valuable crude oil into low-value products at a net loss to the country. The more we processed, the more money Nigeria lost,” Ojulari added.

The CEO’s admission marks a major shift from decades of political and operational attempts to revive Nigeria’s state-run refineries, which have struggled with inefficiency, mismanagement, and low capacity utilisation.

By seeking foreign operators with equity participation, NNPC aims to attract investment, operational expertise, and global best practices to revamp Nigeria’s refining sector and reduce reliance on imported petroleum products.

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Also read: NNPC’s Ojulari Hails Record 2025, Sets Bold 2026 Goals

This announcement is expected to reignite discussions on energy sector reforms and public-private partnerships as Nigeria seeks to secure a sustainable energy future while addressing the chronic challenge of domestic fuel supply.

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Rest of World to Shut Down as Search for New Home Continues

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Rest of World

Rest of World shutdown plans point to January 2027 as leaders seek a new institutional home for the nonprofit technology newsroom

Rest of World, the international nonprofit digital publication known for reporting on technology’s impact beyond Western markets, is preparing to end operations as an independent organisation in January 2027 while its leadership searches for a new institutional home.

Also read: Flamingos Target Quarter-Finals in Mexico Clash

Deputy Editor Rina Chandran confirmed the development in a LinkedIn post on Monday, October 26, 2026, saying the newsroom would continue publishing until the end of January as efforts to secure a future for the publication continued.

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“Yes, it’s true: Rest of World is shutting down. After six years of award-winning reporting, our leadership is searching for a new home for the publication that was launched to cover innovation outside the West,” Chandran wrote.

She recalled joining the publication as its Southeast Asia editor in Bangkok before moving to San Francisco, where she became a deputy editor covering how technology developed in Silicon Valley affects people in other parts of the world.

Chandran described working with the publication’s reporters, editors, freelancers and columnists as a privilege, expressing appreciation for the people who contributed to its journalism.

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She also reassured contributors that work already commissioned would still be published and that existing journalism would be preserved and remain accessible.

“If you are a freelancer or columnist who has already been commissioned, you’re good! Your work will be preserved and continue to be accessible,” she wrote, thanking readers, donors and supporters.

The announcement follows a report by Semafor on Sunday that Rest of World founder and principal financial backer Sophie Schmidt had held discussions with several large institutions about potentially taking over the newsroom.

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According to Semafor, two people familiar with the plans said a late-January wind-down date had been set to give employees time to receive exit packages and seek new jobs if efforts to find a new institutional home failed.

Schmidt reportedly told donors that the publication would stop operating as a standalone entity at the end of January.

The proposed closure comes amid a reported decline in traffic from web searches and social media referrals over the preceding 18 months.

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The publication had attempted to retain readers by placing greater emphasis on Western audiences and requiring visitors to register before accessing articles.

Founded in 2020, Rest of World sought to broaden technology journalism beyond the traditional focus on Silicon Valley and other Western technology centres.

Its reporting examined how digital products, platforms and infrastructure shape everyday life, work and economies in emerging markets and other underreported regions.

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Schmidt pledged $60m to establish the project as a nonprofit newsroom.

Over the years, its coverage has explored technology-driven changes in labour markets, digital infrastructure, artificial intelligence and the influence of major technology companies.

The publication’s 2025 annual report said it reached more than 753,000 readers monthly across platforms and channels, with reporting spanning nearly 40 countries during the year.

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Those figures illustrate the scale of its international reporting, even as the organisation faces difficulties sustaining its current operating model.

The planned end of independent operations does not necessarily mean the publication’s journalism will disappear.

Its leadership is seeking an institution that could provide a future for the newsroom, while Chandran has said its existing work will remain accessible.

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Also read: Flamingos Target Quarter-Finals in Mexico Clash

Whether a suitable organisation will take over the publication, and what form Rest of World might take under new ownership or institutional support, remains unresolved.

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