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NNPCL earned N336.37bn from crude oil sales in Q1 2025, with over N107bn worth of crude supplied to the Dangote Refinery.
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This is part of the federal government’s naira-for-crude policy to support local refining, though the policy faced a temporary suspension in March.
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Meanwhile, SEEPCO, which supplied much of the crude, faces ongoing sanctions over alleged anti-labour practices and expatriate quota abuse.
The Nigerian National Petroleum Company Limited (NNPCL) generated a total of N336.37bn from crude oil sales in the first quarter of 2025, with the Dangote Petroleum Refinery alone accounting for N107.44bn—over 32% of the total transactions.
According to documents submitted to the Federation Account Allocation Committee and obtained by newsmen, seven cargoes were delivered to the Lagos-based Dangote Refinery under the naira-for-crude initiative, using exchange rates between N1,501.22 and N1,562.91 per dollar. “The Dangote domestic lifting is payable in naira based on Afrexim Bank advised exchange rate,” one document stated.
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Although the policy was briefly suspended in March 2025, it has been reinstated with revised terms to stabilise local fuel prices. However, controversy surrounds SEEPCO—the main supplier of crude for the Dangote cargoes—as the Nigerian Content Development and Monitoring Board accused the firm of anti-labour practices and expatriate quota abuses.
“We will investigate the matter exhaustively and take necessary actions,” the NCDMB assured, following a protest by the PENGASSAN union.
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