Business
Port Harcourt refinery not for sale — NNPC
Port Harcourt refinery not for sale — NNPC
The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out the sale of the Port Harcourt Refinery, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
The Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, announced this at a company-wide town hall meeting on Tuesday at the NNPC Towers, Abuja.
He stated that the position is not a shift but informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
According to Ojulari, the ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.
Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely as it would lead to further value erosion.
A statement by the company management on Wednesday read, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.”
He described selling the Port Harcourt Refining Company as “ill-advised and sub-commercial.”
READ ALSO:
- FG increases scholarship grants by 50% for tertiary students nationwide
- Court sentences 2 to death for murder of ex-Katsina commissioner
- Alia dissolves Benue cabinet, appoints new chief of staff
He stated that the new position of the firm isn’t a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.
The statement added, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
”Thus, selling is highly unlikely as it would lead to further value erosion.”
The announcement comes in the wake of widespread speculation following his remarks at the 2025 OPEC Seminar in Vienna, Austria, earlier this month, where he said during an interview with Bloomberg that “all options are on the table.” The comment sparked speculation and headlines about the future of the nation’s refining assets.
The declaration was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.
READ ALSO:
- UN raises alarm as Gaza death toll hits 60,000
- Australian researchers launch open-source, affordable DNA measurement device
- Trump’s administration declares Venezuela’s President wanted
The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement. The Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.
In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries. It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision. Described as “reassuring,” “transformational,” and “sustainable,” the atmosphere reflected an optimistic outlook among employees and hopefulness about the company’s evolving strategic direction.
NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians, Ojulari concluded.
Port Harcourt refinery not for sale — NNPC
![]()
Business
Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals
Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals
The Dangote Petroleum Refinery and Petrochemicals has officially announced its 2026 Graduate Trainee Programme, an 18-month structured training initiative designed to develop young Nigerian graduates for careers in the oil and gas industry. The company said the programme will expose participants to real-time refinery operations while preparing them for global-standard industrial roles.
In its statement, the refinery explained that the programme is aimed at offering graduates the opportunity to learn, grow and contribute within a global business environment. It added that successful candidates will be integrated into various departments of the refinery where they will receive hands-on training from experienced professionals.
According to the company, trainees will rotate across different operational and support units throughout the 18-month period, giving them broad exposure to refinery processes, technical systems and corporate operations within one of Africa’s largest energy facilities.
Eligibility and Requirements
The eligibility criteria for the Dangote Refinery 2026 Graduate Trainee Programme include the following:
- Applicants must be 28 years and below
- Candidates must possess a Bachelor’s degree, HND, or diploma in relevant fields
- Applicants must demonstrate academic competence and readiness for industrial training in a high-performance environment
READ ALSO:
- 2027: Support Tinubu For Stability, Omokri, FFK Tell Nigerians
- Atiku, Amaechi, Hayatu-Deen Obtain ADC Presidential Forms
- Fresh Crisis Rocks APC Governors’ Forum As Uzodimma, Abiodun Camps Emerge
Technical Roles Requirements
Candidates applying for technical positions must have qualifications in any of the following disciplines:
- Chemical Engineering
- Production Engineering
- Mining Engineering
- Geological Sciences
- Laboratory Sciences
- Biochemistry
Technical Support Roles Requirements
Applicants seeking technical support roles are required to have qualifications in:
- Mechanical Engineering
- Electrical Engineering
- Instrumentation Engineering
- Power Engineering
Support Function Roles Requirements
Candidates applying for support and administrative roles must have degrees or HNDs in any of the following areas:
- Accounting and Finance
- Social Sciences
- Humanities
- Business Administration
- Law
- Information Technology
The company noted that these categories are designed to ensure a balanced intake of talent across operational, technical and administrative functions within the refinery.
Training Structure and Opportunities
The programme will expose trainees to multiple departments including operations, maintenance, laboratory services, finance and corporate support functions. This structure is intended to equip participants with both technical expertise and managerial competence.
Industry analysts say the programme aligns with the Dangote Group’s broader strategy of building a skilled workforce to support its expanding operations at the Lekki-based refinery, which is among the largest in the world.
The initiative is also viewed as part of efforts to tackle youth unemployment by creating structured entry points into Nigeria’s industrial and energy sectors.
The company added that further details regarding application procedures and deadlines will be released through its official recruitment channels.
As of the time of filing this report, the 2026 Dangote Refinery Graduate Trainee Programme remains one of the most anticipated industrial recruitment opportunities in Nigeria.
Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals
![]()
Auto
Meet Jetour G700: The 904HP Luxury beast shaking SUV world
Meet Jetour G700: The 904HP Luxury beast shaking SUV world
The battle for dominance in the premium SUV market just got fiercer as the Jetour G700 arrives with an outrageous 904-horsepower hybrid powertrain, futuristic luxury features and off-road capabilities designed to embarrass conventional rivals.
Far from being another luxury SUV, the G700 positions itself as a rolling statement of excess, power and cutting-edge engineering — a machine equally comfortable cruising through city boulevards or charging across unforgiving terrain.
At nearly 5.2 metres long, the G700 announces itself with unapologetic aggression.
Its boxy silhouette, towering stance, oversized grille and sharp matrix LED headlamps give it the presence of a military-grade explorer wrapped in executive styling.
But the real drama begins beneath the bodywork.
Powering the SUV is Jetour’s Kunpeng Super Hybrid CDM-O system, which combines a 2.0-litre turbocharged engine with dual electric motors to unleash a staggering 904 horsepower and 1,135Nm of torque.
Those numbers translate into astonishing performance for a vehicle of its size. The G700 rockets from 0 to 100km/h in just 4.6 seconds — territory usually reserved for elite supercars rather than heavyweight SUVs.
Despite its brutal acceleration, the G700 is engineered for endurance. It boasts a driving range of up to 1,400 kilometres, allowing long-distance adventures with fewer charging or refuelling stops.
READ ALSO:
- Six Nasarawa University Students Abducted in Gudi Night Attack
- Edo Lawmakers, 2Baba’s Wife Join NDC in Major Political Shake-Up
- US Warns Parents Owing $2,500 Child Support Risk Passport Revocation
Jetour also ensures the vehicle is far more than a straight-line performer.
Its adaptive suspension system, triple differential locks and 970mm wading depth equip it for serious off-road punishment, from rocky trails to flood-prone roads. Adding to its arsenal is the eye-catching “Tank Turn” technology, enabling the SUV to rotate sharply in tight spaces like a military vehicle.
Inside, the G700 swaps rugged toughness for first-class indulgence.
A massive 35.4-inch 3K panoramic display dominates the cabin, creating a futuristic cockpit atmosphere, while premium Nappa leather massage seats deliver limousine-level comfort for occupants.
The luxury experience is amplified by an 18-speaker Lexicon sound system with Dolby Atmos, transforming the interior into a private concert hall on wheels.
Jetour pushes the innovation even further with a suite of unusual features aimed at adventure-focused buyers.
Certain editions come with rear turboprop assistance capable of generating additional thrust for escaping deep mud, while an onboard refrigerator drawer can cool drinks to -6°C or keep meals warm at 50°C.
An integrated oxygen supply system also supports driving at high altitudes, reinforcing the SUV’s long-distance expedition credentials.
Industry observers say the G700 signals Jetour’s intention to aggressively challenge established luxury SUV brands by combining electrified performance, premium comfort and hardcore off-road ability in one package.
The G700 is available in Nigeria through accredited dealerships including Elizade Nigeria Limited, New Era AutoVehicle Services Ltd, Kojo Motors, Germaine Auto Centre and Tab Autos Ltd, R.T. Briscoe and Mandilas Motors.
Meet Jetour G700: The 904HP Luxury beast shaking SUV world
![]()
Insurance
Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results
Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results
Lasaco Assurance Plc has begun the 2026 financial year on a strong note, posting an 81.5% increase in profit after tax in its unaudited Q1 2026 financial results, driven by improved underwriting performance, stronger investment returns, and enhanced operational efficiency. The company recorded a profit after tax of ₦2.36 billion, up from ₦1.30 billion in the same period of 2025, reflecting sustained momentum in its core insurance operations in Nigeria.
A key highlight of the performance was the sharp growth in insurance service results, which rose by 119.6% to ₦4.22 billion, compared to ₦1.92 billion in Q1 2025. The company attributed this growth to stronger risk selection processes, improved claims management efficiency, and a more profitable insurance portfolio structure, which helped enhance underwriting margins.
Lasaco Assurance also recorded significant growth in net insurance and investment results, which increased by 74.7% to ₦5.14 billion, up from ₦2.94 billion in the previous year. This performance underscores the company’s ability to balance income from insurance underwriting activities with returns from its investment portfolio, even amid a challenging economic environment.
READ ALSO:
- Breakthrough Study Shows Nasal Spray Could Slow Brain Ageing
- Osun Rewards 31 Top WAEC Students With Scholarships, Cash
- Meningitis Outbreak in Sokoto State Kills 34, Infects 254 Across Nine LGAs
The company’s total assets rose by 16.6% to ₦46.20 billion, compared to ₦39.63 billion recorded in March 2025, reflecting steady balance sheet expansion. Cash and cash equivalents also grew by 24.5% to ₦18.45 billion, strengthening liquidity and improving the company’s capacity to meet claims obligations and operational needs. In addition, reinsurance contract assets increased by 34.9%, signalling higher risk-sharing arrangements and improved underwriting capacity.
A major financial highlight was the turnaround in retained earnings, which moved from a negative position of ₦573 million in December 2025 to a positive ₦1.55 billion in Q1 2026. This improvement reflects stronger earnings quality and reinforces shareholder confidence in the company’s long-term financial stability and growth outlook.
The company also reported an 81.5% increase in earnings per share (EPS), which rose to 21.29 kobo from 11.73 kobo, highlighting improved profitability and efficient capital utilisation.
Operating expenses increased by 30.3% to ₦1.81 billion, driven by planned investments in business expansion, technology, and operational improvements. Despite the rise in costs, revenue growth significantly outpaced expenditure, resulting in stronger overall profitability and improved margins.
The Q1 2026 results reflect Lasaco Assurance’s continued focus on product innovation, risk management, and customer service enhancement. With strong earnings growth, improved liquidity, and a healthier balance sheet, the company is positioned to sustain its momentum in Nigeria’s insurance sector performance outlook for 2026.
Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results
-
metro2 days agoVIDEO: Sisi Alagbo Secures Endorsement Deal After Viral Threesome Video Controversy
-
metro21 hours ago16 Killed In Fatal Lokoja–Okene Highway Crash
-
metro2 days agoISWAP Overrun Army Base in Borno, Several Soldiers Killed, Lieutenant Colonel Injured
-
metro2 days agoPolice Arrest Two Suspects Over Gun Linked to Killing of Oghenemine Ogidi in Delta
-
International3 days agoFrench Vessel Attacked in Strait of Hormuz, Crew Injured
-
International3 days agoCNN Founder Ted Turner Dies at 87
-
News3 days agoSenate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments
-
metro1 day agoGrand Chief Imam of Oyo Land Visits CAN Leadership, Advocates Religious Harmony
