How Dangote, others bought crude oil worth N336bn from NNPCL in 3 months

Legit.ng writer Victor Enengedi has implicit a decade's acquisition covering Energy, MSMEs, Technology, Banking and the Economy.

The Nigerian National Petroleum Company Limited (NNPCL) made N336.37 cardinal from crude lipid income successful the archetypal 4th of 2025. Over 32% of these income were made to the Dangote Petroleum Refinery.

This accusation came from interior NNPCL documents presented during Federation Account Allocation Committee (FAAC) meetings.

Dangote, overseas refineries bargain implicit N300 cardinal worthy of crude lipid from NNPCL successful 3 months
Source: UGC

The documents revealed that crude lipid worthy N107.44 cardinal was supplied to the Dangote refinery betwixt January and March 2025. The lipid was sold astatine prices ranging from $74.87 to $80.34 per barrel, utilizing speech rates betwixt N1,501.22 and N1,562.91 to the dollar.

It was besides noted that the transactions followed speech rates provided by the African Export-Import Bank.

NNPCL earns implicit N107bn from crude income to Dangote Refinery

The NNPCL earned N107.44 cardinal from crude lipid income to the Dangote Petroleum Refinery successful the archetypal 4th of 2025, according to documents obtained by The PUNCH.

These income were portion of a broader crude lipid trading programme that saw the institution proviso 915,821 barrels to the refinery betwixt January and March.

The invoices tied to these deliveries had owed dates ranging from January 16 to March 22, 2025. The archetypal cargo, delivered aboard Gulf Loyalty, consisted of 2 batches lifted connected December 2, 2024.

One shipment contained 99,737 barrels priced astatine $74.87 per barrel, earning $7.47 cardinal oregon N11.67 cardinal utilizing an speech complaint of N1,562.91. The 2nd batch included 50,000 barrels astatine the aforesaid price, worthy $3.74 cardinal oregon N5.85 billion.

On January 3, 2025, different vessel, Almi Voyager, carried 2 shipments owed for outgo connected February 7. These included 216,584 barrels sold astatine $80.34 per barrel, valued astatine $17.40 cardinal oregon N26.82 cardinal astatine N1,541.36/$, and a smaller shipment of 49,500 barrels worthy $3.97 cardinal oregon N6.13 billion.

Further deliveries took spot connected February 15 aboard the Sonangol Kalandula. One batch of 50,000 barrels was priced astatine $75.90 per barrel, earning $3.79 cardinal oregon N5.69 cardinal utilizing a complaint of N1,501.22/$, portion different shipment of 300,000 barrels brought successful $22.77 cardinal oregon N34.18 billion.

The last listed transportation connected the aforesaid vas progressive 150,000 barrels, generating $11.38 cardinal oregon N17.09 billion.

All prices were acceptable successful dollars and converted utilizing naira speech rates ranging from N1,501.22 to N1,562.91 per dollar, based connected guidance from the African Export-Import Bank (Afreximbank).

NNPCL rakes successful further N228bn from overseas crude sales

Aside from the Dangote transactions, NNPCL besides earned N228.93 cardinal from crude lipid exports successful Q1 2025. These exports progressive 4 abstracted shipments from the Egina, Erha, and Forcados Blend fields, managed nether the Production Sharing Contract (PSC) framework.

The archetypal shipment was 400,000 barrels of Egina crude lifted connected December 24, 2024, aboard Baghdad, priced astatine $77.83 per tube and owed for colony connected January 28, 2025. The merchantability generated $31.13 cardinal oregon N45.99 cardinal utilizing an speech complaint of N1,477.22/$.

Another large transaction saw 550,501 barrels of Erha crude lifted connected January 6, 2025, aboard Aquafreedom. This merchantability was valued astatine $41.23 cardinal oregon N61.50 cardinal astatine N1,491.49/$.

On February 4, 2025, a smaller cargo of 12,000 barrels of Forcados Blend was transported aboard Almi Voyager and sold for $916,860, yielding N1.41 billion.

The highest-volume merchantability occurred connected February 20, erstwhile 990,158 barrels of Egina crude were shipped aboard Apache, valued astatine $78.15 cardinal and converted to N120.04 billion.

The full gross from these 4 overseas transactions was $151.43 million. Unlike the Dangote sales, these utilized little speech rates ranging from N1,477.22 to N1,535.82 arsenic provided by the Central Bank of Nigeria.

This saltation successful speech rates shows the challenges NNPCL faces successful managing some export revenues and section proviso obligations amid ongoing naira volatility.

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Source: Legit.ng