The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims by Aliko Dangote that the Dangote Petroleum Refinery was established without any support from the government, revealing that the company facilitated a $1bn loan backed by crude oil to aid the refinery’s development during liquidity challenges.
Dangote had earlier made the assertion at the 2024 Crude Oil Refinery-owners Association of Nigeria (CORAN) summit in Lagos, where he emphasized that his refinery was built without government incentives. “We built the Dangote refinery without a single incentive from the government,” he stated, while stressing the need to halt the mortgaging of crude oil, a practice he argued undermines long-term economic stability.
However, at the Energy Relations Stakeholders Engagement in Abuja on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, countered Dangote’s narrative. Soneye clarified that NNPC’s strategic decision to secure a $1bn loan, backed by its crude oil resources, played a critical role in addressing the refinery’s liquidity constraints and paving the way for Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development,” Soneye stated.
He also highlighted the facilitation of the $3bn Gazelle loan by NNPCL under the leadership of Mele Kyari, describing it as a vital intervention to stabilize Nigeria’s foreign exchange during a critical economic period. According to Soneye, these achievements exemplify the transformative reforms spearheaded by Kyari, which have redefined Nigeria’s oil and gas sector.
“In a historic achievement, NNPC declared profit for the first time in decades, marking a significant financial turnaround. The company has already surpassed its 2024 profit projections, a testament to its renewed operational efficiency and accountability,” Soneye added.
Soneye further noted the restart of the Port Harcourt Refining Company as a significant milestone toward energy self-sufficiency, alongside NNPC’s promotion of Compressed Natural Gas as a cleaner and cost-effective alternative amidst rising global energy costs.
Reaffirming NNPCL’s commitment to sustainable energy solutions, Soneye emphasized the role of collaboration and innovation in securing Nigeria’s energy future. “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success,” he stated.
He concluded by pledging that NNPCL would remain dedicated to strengthening Nigeria’s energy sector, driving economic growth, and solidifying its role as a global energy leader.
The engagement underscored NNPC’s recognition of stakeholders as key drivers in shaping the future of energy security and environmental stewardship in Nigeria.
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