Bayo Ojulari, group chief executive of the Nigerian National Petroleum Company Limited, has admitted that the state-owned giant is incapable of operating the country’s refineries at a profit.
Speaking at an energy summit in Abuja this week, Ojulari conceded that despite consuming billions in rehabilitation funds, the NNPCL is "fundamentally unequipped" to run efficient operations in its current configuration.
The candid admission represents a striking departure from decades of official optimism about turning around the refineries, which
