This information came from internal NNPCL documents presented during Federation Account Allocation Committee (FAAC) meetings.

The documents revealed that crude oil worth N107.44 billion was supplied to the Dangote refinery between January and March 2025. The oil was sold at prices ranging from $74.87 to $80.34 per barrel, using exchange rates between N1,501.22 and N1,562.91 to the dollar.

It was also noted that the transactions followed exchange rates provided by the African Export-Import Bank.

NNPCL earns over N107bn from crude sales to Dangote Refinery
The NNPCL earned N107.44 billion from crude oil sales to the Dangote Petroleum Refinery in the first quarter of 2025, according to documents obtained by The PUNCH.

These sales were part of a broader crude oil trading programme that saw the company supply 915,821 barrels to the refinery between January and March.

The invoices tied to these deliveries had due dates ranging from January 16 to March 22, 2025. The first cargo, delivered aboard Gulf Loyalty, consisted of two batches lifted on December 2, 2024.

One shipment contained 99,737 barrels priced at $74.87 per barrel, earning $7.47 million or N11.67 billion using an exchange rate of N1,562.91. The second batch included 50,000 barrels at the same price, worth $3.74 million or N5.85 billion.

On January 3, 2025, another vessel, Almi Voyager, carried two shipments due for payment on February 7. These included 216,584 barrels sold at $80.34 per barrel, valued at $17.40 million or N26.82 billion at N1,541.36/$, and a smaller shipment of 49,500 barrels worth $3.97 million or N6.13 billion.

Further deliveries took place on February 15 aboard the Sonangol Kalandula. One batch of 50,000 barrels was priced at $75.90 per barrel, earning $3.79 million or N5.69 billion using a rate of N1,501.22/$, while another shipment of 300,000 barrels brought in $22.77 million or N34.18 billion.

The final listed delivery on the same vessel involved 150,000 barrels, generating $11.38 million or N17.09 billion.

All prices were set in dollars and converted using naira exchange rates ranging from N1,501.22 to N1,562.91 per dollar, based on guidance from the African Export-Import Bank (Afreximbank).

NNPCL rakes in additional N228bn from foreign crude sales
Aside from the Dangote transactions, NNPCL also earned N228.93 billion from crude oil exports in Q1 2025. These exports involved four separate shipments from the Egina, Erha, and Forcados Blend fields, managed under the Production Sharing Contract (PSC) framework.

The first shipment was 400,000 barrels of Egina crude lifted on December 24, 2024, aboard Baghdad, priced at $77.83 per barrel and due for settlement on January 28, 2025. The sale generated $31.13 million or N45.99 billion using an exchange rate of N1,477.22/$.

Another major transaction saw 550,501 barrels of Erha crude lifted on January 6, 2025, aboard Aquafreedom. This sale was valued at $41.23 million or N61.50 billion at N1,491.49/$.

On February 4, 2025, a smaller cargo of 12,000 barrels of Forcados Blend was transported aboard Almi Voyager and sold for $916,860, yielding N1.41 billion.

The highest-volume sale occurred on February 20, when 990,158 barrels of Egina crude were shipped aboard Apache, valued at $78.15 million and converted to N120.04 billion.

The total revenue from these four foreign transactions was $151.43 million. Unlike the Dangote sales, these used lower exchange rates ranging from N1,477.22 to N1,535.82 as provided by the Central Bank of Nigeria.

This variation in exchange rates shows the challenges NNPCL faces in managing both export revenues and local supply obligations amid ongoing naira volatility.