The Nigerian National Petroleum Company Limited (NNPCL) has dismissed reports claiming it unilaterally terminated the Naira-for- Crude oil supply agreement with Dangote Refinery.
In a statement made available on Monday, the NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that the agreement was structured as a six-month contract, subject to availability, and is set to expire by the end of March 2025.
Soneye added that negotiations are already underway to establish a new contract. 
The company disclosed that under the current arrangement, which began in October 2024, Dangote Refinery has received over 48 million barrels of crude oil. In total, more than 84 million barrels have been supplied to the refinery since it commenced operations in 2023.
The NNPCL reaffirmed its commitment to supplying crude oil for local refining, stressing that future agreements will be based on mutually agreed terms.
The statement reads in part “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 was structured as a six-month agreement, subject to availability, and is set to expire at the end of March 2025. Discussions are ongoing to establish a new contract.
“Under this arrangement, NNPC Ltd has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In total, over 84 million barrels have been supplied to the refinery since its operations began in 2023.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”
The clarification comes amid speculations about the status of the deal, with some reports suggesting that the NNPCL had abruptly ended the agreement.
But the company insists that the expiration was predetermined and discussions are in progress to renew the arrangement.
