₦airaland Forum

FarahAideed:
The govt is behind the problems Dangote is facing , govt cronies lead by their chairman are hell bent on continuing the fuel importation fraud ...

They don't want Dangote to have an idea of the true daily fuel consumption of the country which has been used to milk this country of 100s of billions of dollars

Islie:
https://punchng.com/breaking-dangote-refinery-suspends-petrol-sales-in-naira/?amp

Jughead29:
Can't this man be suspended from Nigeria?

What the hell are you talking about?

You want to make naira more poor again right?

Elusive001:
I laugh at those who think that Dangote will make things better

GloriousGbola:
it is against the law to transact in dollars in nigeria

Elusive001:
I laugh at those who think that Dangote will make things better

datola:
I like Dangote for being so smart to outsmart Nigeria corruption

helinues:
FG better wade in into this. This will create unnecessary demand for dollar which might cause scarcity as the opportunists would take advantage of it including the bankers

kokoA:
Make Una dey understand before Una condemn biko. Baba has been selling his petrol in Dollars since he built his refinery because he buys his raw material (Crude oil) in dollars, FG decided to start giving him crude in naira so he can sell to Nigerians in naira, but we know he still imports crude because NNPC don't have enough to give him. Now the allocation from NNPC is finished, do you still expect him to sell in Naira because he wants to please Nigerians? It's business not a charity. We should rather channel out energy towards government to renew the crude sales in Naira deal with him.

ZombieDredd:
So it's FG that suggested dangote charge in dollars now ?

NOETHNICITY:
You see yourself
Why isn’t it against the law for the FG to receive FX from him for the crude they sell to him!

The Federal Government sold crude oil valued at N219.38bn to the Dangote Petroleum Refinery in the first four months of 2025, The PUNCH reports.

The government also earned $1.59m from crude oil exports in April 2025, during the period it suspended sales of domestic crude allocations to the Dangote refinery and local refiners.

These details were contained in internal documents from the Nigerian National Petroleum Company Limited, submitted at the Federation Account Allocation Committee meetings, and obtained by The PUNCH on Wednesday.

The Federation Accounts Allocation Committee said a total revenue equivalent of N2.53bn was realised during the period, based on an average exchange rate of N1,595.689 to the dollar, as provided by the Central Bank of Nigeria.

On March 19, the Dangote refinery suspended the sale of its petroleum products in naira due to a stalemate in the naira-for-crude deal between it and NNPCL, which appeared to have failed.

The 650,000 barrels per day capacity refinery lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US dollars.

“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.

“To date, our sales of petroleum products in naira have exceeded the[b] value of naira-denominated crude we have received.[/b] As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced. During this period, the cost of loading petrol at private depots in Lagos jumped to above N900 per litre.

However, 21 days after the suspension, the Federal Executive Council officially ordered the full implementation of the naira-for-crude oil supply deal with local refiners.

It stated that the initiative with local refineries is not a temporary measure, but a “key policy directive designed to support sustainable local refining.” The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.”

Despite the directive, the Dangote refinery has continued to describe the crude allocation as inadequate, a situation it says has forced it to rely heavily on imports from the United States to sustain operations.

But findings by The PUNCH revealed that the government, through the Nigerian National Petroleum Company Limited, sold crude worth N219.38bn to the 650,000-barrel-per-day Lagos-based refinery.

The documents showed that nine cargoes were delivered to Dangote refinery, totalling 1,901,850 barrels sourced from the Okwuibome field operated by Sterling Oil Exploration & Energy Production Company under Production Sharing Contracts and the Nigerian Agip Exploration. The crude was sold at unit prices ranging from $74.87 to $80.34 per barrel, using exchange rates between N1,501.22/$ and N1,562.91/$.

One of the documents seen by The PUNCH read, “The Dangote domestic lifting is payable in naira based on Afrexim Bank advised exchange rate.” A monthly breakdown showed that crude oil supply from the government to the refinery surged by over 538 per cent between January and April 2025.

An analysis of official figures showed that crude sales to the Lagos-based refinery stood at N17.52bn in January, rising steadily by 88 per cent to N32.95bn in February, then by 73 per cent to N56.97bn in March, and spiking by 96.4 per cent to a record N111.95bn in April.

While crude oil supply to the refinery surged to N219.38bn between January and April 2025, fresh findings by The PUNCH show that the Federal Government earned a total of N231.47bn from crude exports to foreign buyers within the same period.

AMINDA:
So, Dangote should source for dollars and import crude oil from overseas and then refine and sell to Nigerians in naira? Is he Father Christmas? Why is Tinubu failing to fully support Dangote by selling him crude in naira? That was an agreement he reached with the Buhari government before investing in a refinery. Nigeria's importation of less pure Malta-refined crude is still hitting astronomical numbers, while Dangote is constrained to export refined crude outside the country. No be juju be that?

Elusive001:
I laugh at those who think that Dangote will make things better

kokoA:
Make Una dey understand before Una condemn biko. Baba has been selling his petrol in Dollars since he built his refinery because he buys his raw material (Crude oil) in dollars, FG decided to start giving him crude in naira so he can sell to Nigerians in naira, but we know he still imports crude because NNPC don't have enough to give him. Now the allocation from NNPC is finished, do you still expect him to sell in Naira because he wants to please Nigerians? It's business not a charity. We should rather channel out energy towards government to renew the crude sales in Naira deal with him.

Islie:
https://punchng.com/breaking-dangote-refinery-suspends-petrol-sales-in-naira/?amp

Elusive001:
I laugh at those who think that Dangote will make things better