BUSINESS

NNPC clarifies Naira crude contract with Dangote Refinery

Published

1 week ago

March 10, 2025

Emmanuella Anokam

The Nigerian National Petroleum Company Limited (NNPC Ltd.) says its contract with Dangote Refinery for the sale of crude oil in Naira was structured as a six-month agreement.

The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, on Monday in a statement said this was subject to availability, and expires at ending of March 2025.

He said discussions were ongoing towards emplacing a new contract.

The spokesperson explained that the clarification became necessary because of the recent reports on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.

“Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.

“In aggregate, the NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.

“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” he said.

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Emmanuella Anokam

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