The Nigerian National Petroleum Company Limited generated N336.37bn from crude oil sales in the first quarter of 2025, with Dangote Petroleum Refinery accounting for over 32 per cent of the transactions, according to findings by The PUNCH.
The details were contained in internal documents from the NNPCL, submitted at the Federation Account Allocation Committee meetings, and obtained by The PUNCH on Monday.
One of the documents seen by The PUNCH read, “The Dangote domestic lifting is payable in naira based on Afrexim Bank advised exchange rate.” However, in March, Dangote refinery said it had temporarily halted the sale of petroleum products in naira. Following the continuation of the naira-for-crude deal, the Dangote refinery announced a further reduction in the price of Premium Motor Spirit, popularly known as petrol.
The Okwuibome oil field, operated by SEEPCO, is a significant onshore asset located in Nigeria’s Niger Delta region. SEEPCO, a subsidiary of the Sandesara Group, has been instrumental in developing the field, contributing to Nigeria’s crude oil production through its operations. Osifo criticised the management of Sterling Oil for abusing the expatriate quota system, which he said led to discrimination against skilled Nigerian workers in the oil and gas sector.
Sterling Oil was reported to have sought an out-of-court settlement and committed to addressing compliance issues and undertaking remediation in 2020. The second cargo moved 50,000 barrels at the same unit price, with a dollar value of $3.74m and a naira equivalent of N5.85bn. Two further shipments were due on 7 February 2025. These were lifted on 3 January 2025 aboard the vessel Almi Voyager.
The second, the largest single shipment in the period, involved 300,000 barrels at the same price, amounting to $22.77m and generating N34.18bn. Although the policy experienced a temporary suspension in March 2025 following the expiration of the initial agreement, government officials have confirmed ongoing efforts to renew and restructure the deal.
According to documents seen by The PUNCH, four separate transactions were executed through NNPC Trading under standard PSC terms, involving crude liftings between December 2024 and February 2025. The cargo was priced at $74.9038 per barrel and valued at $41.23m. At an exchange rate of N1,491.49, the transaction yielded a naira equivalent of N61.50bn.
This cargo, priced at $78.935 per barrel and valued at $78.15m, was converted at an exchange rate of N1,535.82, bringing in a total of approximately N120.04bn.
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