NNPC Limited Clarifies Status of Naira Crude Contract with Dangote Refinery
posted 10th March 2025
NNPC Limited Clarifies Status of Naira Crude Contract with Dangote Refinery
Abuja, 10 March 2025 – The Nigerian National Petroleum Company Limited (NNPC Ltd.) has addressed recent social media reports claiming that the company unilaterally terminated its crude oil sales agreement in Naira with Dangote Refinery, dismissing them as inaccurate.
In a statement released today, NNPC Ltd. clarified that the contract, which facilitated the sale of crude oil in Naira, was established as a six-month agreement, set to expire at the end of March 2025. The deal, subject to crude oil availability, has not been cancelled but is instead under review, with discussions underway to establish a new contract.
According to Olufemi Soneye, Chief Corporate Communications Officer at NNPC Ltd., the company has supplied Dangote Refinery with over 48 million barrels of crude oil since October 2024 as part of this arrangement. Furthermore, since the refinery began operations in 2023, NNPC Ltd. has provided a total of more than 84 million barrels to support its activities.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” Soneye stated, reinforcing the company’s dedication to supporting domestic refining capacity.
The clarification comes amid growing speculation on social media about the state of the partnership between NNPC Ltd. and Dangote Refinery, a key player in Nigeria’s energy sector. The refinery, one of the largest in Africa, relies heavily on crude oil supplies to meet its production targets, making the agreement with NNPC Ltd. a critical component of its operations.
As the current contract nears its end, stakeholders are keenly awaiting the outcome of negotiations for a new deal, which could further shape Nigeria’s efforts to bolster local refining and reduce dependence on imported fuel.
