The Nigerian National Petroleum Company (NNPC) Limited has refuted claims circulating on social media that it unilaterally terminated its crude oil sales agreement in Naira with Dangote Refinery.
The company clarified that the agreement was a six-month contract, subject to availability, and is set to expire at the end of March 2025.
In an official statement released on Monday, the Chief Corporate Communications Officer of NNPC Limited, Olufemi Soneye, emphasized that discussions are currently ongoing to establish a new contract beyond the expiration date.
“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 implementing a new contract,” Soneye stated.
NNPC also disclosed that it has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024 under this agreement. In total, the company has made available over 84 million barrels of crude oil to the refinery since it commenced operations in 2023.
The statement reaffirmed that NNPC remains committed to ensuring crude oil supply for local refining based on mutually agreed terms and conditions. The company also stressed that it has not withdrawn from its obligation to supply Dangote Refinery and dismissed claims of any arbitrary termination.