Re: Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery

Re: Clarification on the Naira Crude Contract Between NNPC Limited
and Dangote Refinery

CHIGOZIE AMADI

NNPC Limited has noted recent reports circulating on social media
regarding the alleged unilateral termination of the crude oil sales
agreement in Naira between NNPC and Dangote Refinery.

To clarify, the contract for the sale of crude oil in Naira was structured as a
six-month agreement, subject to availability, and expires at the end of March
2025. Discussions are currently ongoing towards emplacing a new contract.
Under this arrangement, NNPC has made over 48 million barrels of crude
oil available to Dangote Refinery since October 2024. In aggregate, NNPC
has made over 84 million barrels of crude oil available to the Refinery since
its commencement of operations in 2023.

NNPC Limited remains committed to supplying crude oil for local refining
based on mutually agreed terms and conditions.