₦airaland Forum

The Nigerian National Petroleum Company Limited has said it secured a $1bn loan backed by crude oil to support the coming on stream of the 650,000 barrels per day capacity Dangote Petroleum Refinery.

It also stated that the firm facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis.

The Chief Corporate Communications Officer, Mr Olufemi Soneye, said these at the Energy Relations Stakeholders Engagement in Abuja on Monday.

Recall that in January 2024, the national oil firm arranged a syndicated $3.3bn crude oil prepayment facility in partnership with Afreximbank.

The bank said the deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.

Speaking during the event, the spokesperson said these initiatives are a testimony to NNPCL’s dedication to driving national development partnerships.

He said with the leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.

“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Additionally, Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” Soneye stated.

On the support for Dangote, he said, “A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.

“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”

Soneye also mentioned the restart of the Port Harcourt Refining Company, describing it as a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.

He stressed that the national oil firm had championed the adoption of Compressed Natural Gas as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.

He recalled that in a historic achievement, NNPC declared profit for the first time in decades, marking a significant financial turnaround.

Soneye added that the company had already exceeded its profit projections for 2024, a testament to the transformative reforms of the firm.


He pledged that as a responsible energy company, NNPCL would continue to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.

At the stakeholders’ meeting, he said NNPCL recognizes the roles the stakeholders play in shaping the future of energy in Nigeria and beyond.

He stressed, “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success.”

Energy relations, he said, are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company.

Soneye said NNPCL remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.

He added that the meeting underscored the shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all.

Source: https://punchng.com/NNPCL-supported-Dangote-refinery-establishment-with-$1bn-loan-Official

Enough of this NNPC/DANGOTE sham. We're tired of this scam deal gone wrong. We know for sure that they are both thieves responsible for the downward turn of Nigeria economy. The govt borrowed dollars and gace it to dangote at subsidized rates and dangote ended up trading the dollars in black market then comes back to sell locally sourced produce at exorbitant prices who does that?
They govt have given dangote monopolistic rights in virtually all the sectors of Nigerian economy.

Support or sold?

Scam grant

https://www.nairaland.com/8286010/africa-u-grant-scam-stanic

Beware

great

Omo

NNPC cannot support itself to set up a refinery. Oshey father christmas!

Nothing's right in this country.....

But this is in the public domain. I don't think they have ever hidden this fact from the people at any time. The only person playing games then was the CBN Governor that said Dangote had almost paid up when he had not even started operations. Emefiele took us for a ride.

Dangote should pay back on time.

Dis season film never ENDDD

This NNPCL is just shameless still making noise on their failure as an organization to successfully run and turn around nigeria's 4 refineries, making noise on 1 billion dollars support from a 20billion dollars worth of a refinery project,

Anyway I no blame them,na naija system I blame where shame and mediocrity has been thrown into the wind.
A business a whole government cannot run successfully is what just one individual build much bigger and running successfully without story of sabotage or lies turning out the products

This is the first time in years we are not experiencing fuel scarcity during Xmas celebration because of Dangote refinery

dangote is ungrateful, the bloods of ipob handle mops runs through him

UNA DEY USE THIS CRUDE BORROW WETIN NO GOOD

I still don't understand NNPC Is NNPC a government organization or a private organization To be giving out loan without the approval of National Assembly

Dangote

And they paid it off without refining even one drop of crude.

So what were the conditions for the loan?

Are they not being met?

Waiting for Dangote to come out and deny

Investment nko!

For how much crude at what price?

Ok

veraponpo:
But this is in the public domain. I don't think they have ever hidden this fact from the people at any time. The only person playing games then was the CBN Governor that said Dangote had almost paid up when he had not even started operations. Emefiele took us for a ride.

Dangote should pay back on time.

Government of shifting blames. Crooks.

But couldn't support the refineries they are using to scam the country for years now .

Obi and his handlemops said because he did not support tinubu in his campaign that’s why he’s complaining! That is what they are feeding themselves on their biafra page! Ask most of them why they are childless at 40years,they will find a way to blame tinubu!

Fraud

prinzedy:
Enough of this NNPC/DANGOTE sham. We're tired of this scam deal gone wrong. We know for sure that they are both thieves responsible for the downward turn of Nigeria economy. The govt borrowed dollars and gace it to dangote at subsidized rates and dangote ended up trading the dollars in black market then comes back to sell locally sourced produce at exorbitant prices who does that?
They govt have given dangote monopolistic rights in virtually all the sectors of Nigerian economy.

Man wey sabi.

veraponpo:
But this is in the public domain. I don't think they have ever hidden this fact from the people at any time. The only person playing games then was the CBN Governor that said Dangote had almost paid up when he had not even started operations. Emefiele took us for a ride.

Dangote should pay back on time.

But this same Dangote said FG failed to pay up for the 25% share of Dangote refinery as promised, so they only have 7% stake in the refinery.

My question is what is the essence of free loan to Dangote and fail to pay up for the shares? Share that should have been investment for the nation

tutudesz:
I still don't understand NNPC Is NNPC a government organization or a private organization To be giving out loan without the approval of National Assembly

That corporation that became private company recently still operates a business model that I don't understand.

You can't still separate it from Nigeria's government yet it is masquerading as a private company.

NNPC is the most wonderful, clandestine and ridiculous organization in the whole world.

Have you ever seen the Audited Financial Statements of NNPC limited?

fuckJones:
dangote is ungrateful, the bloods of ipob handle mops runs through him

The blood of all people your a4onja skull miner tribe,collected their head for ritual killing runs through your entire family.

Dangote cannot end well. Just watch it

Una matter far