The Nigerian National Petroleum Company Limited (NNPCL) has clarified the alleged unilateral termination of the naira for crude oil sale arrangement it has with Dangote Refinery.
It stated that the contract for the sale of crude oil in naira, structured as a six-month agreement and subject to availability, would expire at the end of March, 2025.
NNPCL also disclosed that discussions were currently ongoing towards emplacing a new contract with Dangote Refinery.
It made the clarification in reaction to social media report on the alleged termination of the naira for crude arrangement with Dangote Refinery.
The national oil company stated this in a press release by its Chief Corporate Communications Officer, Olufemi Soneye, on Monday.
The release, entitled “Re: Clarification on the Naira Crude Contract Between NNPCL and Dangote Refinery,” was dated 10 March, 2025.
“NNPCL has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in naira between NNPCL 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 emplacing a new contract,” the national oil company stated in the release.
It further disclosed that, under the arrangement, the company has made over 48 million barrels of crude oil available to Dangote Refinery since October, 2024.
“In aggregate, NNPCL has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
NNPCL reaffirmed its commitment to supplying crude oil for local refining, based on mutually agreed terms and conditions.
