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.
The documents showed that crude supplies to Dangote refinery amounted to N107.44bn within the three-month period.
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/$.
The PUNCH further learnt that the transactions were executed using exchange rates recommended by the African Export-Import Bank.
One of the documents seen by The PUNCH read, “The Dangote domestic lifting is payable in naira based on Afrexim Bank advised exchange rate.”
The sales formed part of the naira-for-crude deal introduced by the Federal Government to ensure domestic crude supply to the 650,000-barrel-per-day Lagos-based refinery.
