The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it secured a $1bn crude-backed loan to support the commissioning of the 650,000 barrels-per-day Dangote Petroleum Refinery.
Additionally, the national oil firm facilitated the $3bn Gazelle loan, a critical intervention aimed at stabilizing the federation’s foreign exchange crisis. The Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, revealed this during the Energy Relations Stakeholders Engagement held in Abuja on Monday.
It will be recalled that in January 2024, NNPCL successfully arranged a syndicated $3.3bn crude oil prepayment facility in collaboration with Afreximbank. The deal was hailed as Nigeria’s largest crude-backed facility and one of Africa’s most significant syndicated debts.
Speaking at the event, Mr. Soneye emphasized NNPCL’s unwavering commitment to fostering strategic partnerships for national development. He lauded the leadership of NNPCL’s Group Chief Executive Officer, Mele Kyari, for achieving groundbreaking milestones that have redefined Nigeria’s oil and gas sector.
“Under the visionary leadership of Mele Kyari, NNPC Ltd has attained unprecedented milestones, redefining the trajectory of the country’s oil and gas industry. For instance, Kyari played a pivotal role in facilitating the $3bn Gazelle loan, which served as a critical intervention to stabilize the federation during the recent foreign exchange crisis,” Soneye noted.
On NNPCL’s support for the Dangote refinery, he stated, “The strategic decision to secure a $1bn loan backed by NNPCL’s crude was crucial in addressing liquidity challenges faced by the Dangote refinery. This move paved the way for Nigeria’s first private refinery and underscores NNPCL’s dedication to fostering public-private partnerships that drive economic growth.”
Soneye described the Dangote refinery as a transformative milestone in Nigeria’s quest for energy self-sufficiency, reiterating NNPCL’s commitment to revitalizing the country’s refining capacity.
He further highlighted NNPCL’s efforts in promoting Compressed Natural Gas (CNG) as a cleaner and more cost-effective alternative energy source. According to him, this initiative aligns with the company’s goal of providing Nigerians with sustainable energy solutions amidst rising global energy prices.
Reflecting on NNPCL’s financial performance, Soneye recalled the historic declaration of profit by the company for the first time in decades, signaling a significant turnaround. He noted that NNPCL has already surpassed its profit projections for 2024, a testament to the transformative reforms and improved efficiency under its current leadership.
“As a responsible energy company, NNPCL remains steadfast in its commitment to strengthening Nigeria’s energy sector and solidifying its role as a transformative force on the global stage,” he affirmed.
At the stakeholders’ meeting, Soneye underscored the importance of collaboration in shaping the future of energy in Nigeria. “We stand at the forefront of a transformative era in the global energy landscape, where innovation, sustainability, and partnership are critical to success,” he said.
He emphasized that energy relations form the backbone of NNPCL’s operations and strategic aspirations as an integrated energy company. By fostering meaningful partnerships, Soneye noted, NNPCL remains dedicated to driving excellence and delivering value across the energy value chain.
The meeting concluded with a reaffirmation of the shared vision to achieve energy security, economic growth, and environmental sustainability for the benefit of all stakeholders.
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