NNPCL Denies Ending Naira-for-Crude Deal with Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that it terminated its naira-for-crude sale agreement with Dangote Refinery.

The spokesperson for NNPCL, Olufemi Soneye, issued a clarification in a statement on Monday, addressing reports that suggested the crude purchase deal had been halted.

Soneye explained that the agreement, which began around October, was designed as a six-month contract, contingent on availability, and is scheduled to conclude at the end of March 2025.

He further noted that discussions are currently underway regarding the terms and implementation of a new contract.

“NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in naira between NNPC Ltd. and Dangote Refinery.

“To clarify, the contract for the sale of crude oil in naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards establishing a new contract.

“Under this arrangement, NNPC Ltd. has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024. In total, NNPC Ltd. has provided over 84 million barrels of crude oil to the refinery since it commenced operations in 2023,” the statement read.