By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPCL) played a critical role in addressing liquidity challenges faced by the Dangote Refinery through a $1 billion loan backed by the company’s crude oil. This strategic intervention facilitated the establishment of Nigeria’s first private refinery.
This was disclosed by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, during an Energy Relations Stakeholder Engagement in Abuja. Soneye emphasized that the initiative reflects NNPCL’s commitment to fostering public-private partnerships for national development.
He credited the achievements to the visionary leadership of NNPCL’s Group Chief Executive Officer, Mele Kyari, highlighting several milestones in the oil and gas sector.
Soneye pointed to the restart of the Port Harcourt Refinery as a “significant turning point” in Nigeria’s pursuit of energy self-sufficiency. He reaffirmed NNPCL’s dedication to revitalizing the nation’s refining capacity.
Additionally, Soneye noted NNPCL’s leadership in championing Compressed Natural Gas (CNG) as an alternative energy source, offering a cleaner and cost-effective solution amid rising global energy costs.
“Under Kyari’s leadership, NNPCL declared profit for the first time in decades, achieving a major financial turnaround. The company has already surpassed its profit projections for 2024, underscoring the transformative reforms implemented,” Soneye said.
He also cited the $3 billion Gazelle loan secured by NNPCL, which provided critical support in stabilizing Nigeria’s economy during a foreign exchange crisis.
“As a responsible energy company, NNPCL continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and global game-changer. Energy relations remain the backbone of NNPCL’s operations and strategic aspirations in a rapidly evolving global energy landscape,” he added.
The engagement underscored NNPCL’s focus on building strong partnerships across the energy value chain to ensure sustainable energy solutions for the future.
