Bayo Ojulari, Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, has attributed the longstanding dysfunction of Nigeria’s state-owned refineries to an overemphasis on financing and contracting rather than operational management.
Speaking at the Nigerian International Energy Summit (NIES), Ojulari said decades of focusing on Engineering, Procurement, and Construction (EPC) contracts and external financing left NNPC ill-prepared to operate the refineries effectively.