The Nigerian National Petroleum Company Limited, NNPCL, has been warned against sabotaging the operations of local refineries.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
A political pressure group, the Conference of Progressive Nigerians, CPN, issued the warning on Tuesday.
The warning follows reports that NNPCL has suspended the naira-for-crude oil deal with domestic refiners, including Dangote Refinery.
On Monday, reports emerged that NNPCL had halted its naira-for-crude purchase agreement with Dangote Refinery, forcing domestic refineries to rely solely on international crude purchases.
However, NNPCL, through its spokesman, Olufemi Soneye, denied terminating the naira-for-crude deal with Dangote Refinery.
Soneye explained that the deal, which commenced in October 2024, was structured as a six-month agreement, subject to availability, and is set to expire at the end of March 2025.
At a press conference in Abuja on Tuesday, CPN warned against discontinuing the deal, stating that such a move would undermine the economic goals of President Bola Tinubu’s administration.
CPN further cautioned that ending the agreement would sabotage the growth of local refineries.
Addressing journalists, the convener of CPN, Dr Emmanuel Agabi, questioned the timing of the reports suggesting that the naira-for-crude agreement had been discontinued.
Expressing concern over the implications of ending the deal, he noted that Nigeria’s crude output has increased since its inception.
CPN warned that suspending the deal would have far-reaching consequences, including the depletion of Nigeria’s foreign exchange reserves and the undermining of recent gains recorded by the naira.
A fresh foreign exchange crisis would lead to a further hike in fuel pump prices, inflicting more hardship on Nigerians, CPN further warned.
Accusing the NNPCL management of prioritising its own interests over the collective good of the nation, CPN emphasised that local refineries are capable of meeting domestic petroleum needs if given the necessary support.
“We therefore issue a stern warning to the leadership of the NNPCL. The days of impunity are over. The people of Nigeria are watching, and we will not hesitate to take all necessary actions to hold you accountable for your actions.
“We urge you to retrace your steps and prioritise the interests of the nation over your selfish gains. The NNPCL must understand that it is a national institution, not a private cartel. Its duty is to serve Nigeria, not to sabotage it. The time for accountability is now.
“We demand transparency, we demand justice, and we demand the immediate reinstatement of the naira-for-crude deal. Together, we can ensure that our local refineries thrive, our economy prospers, and our nation achieves the greatness it deserves,” CPN said.
The group also urged the Federal Government to investigate allegations of corruption within NNPCL. It drew attention to reports that a cabal comprising petroleum importers and NNPCL officials is working to prevent domestic refineries from meeting Nigeria’s PMS consumption demand.
A civic organisation, Concerned Nigerians, alleged that this plot involves plans to stop the supply of crude oil to domestic refineries, including the Dangote Refinery.
Recently, reports surfaced that NNPCL intends to adjust its crude allocation to Dangote Refinery following the activation of the Warri and Port Harcourt refineries, which operate at a combined capacity of about 135,000 barrels per day.
Under the naira-for-crude initiative, NNPCL allocates 300,000 barrels of crude per day to Dangote Refinery.
