Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align sales proceeds with crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a notice addressed to its customers on Wednesday, the refinery’s management clarified that its sales in Naira have exceeded the value of Naira-denominated crude it has received, necessitating the adjustment.
The company also dismissed online reports alleging that it was halting loading operations due to ticketing fraud, describing the claims as "malicious." It reassured stakeholders that its systems remain robust and have not encountered fraud-related issues.
The refinery further stated its commitment to serving the Nigerian market efficiently and sustainably. It assured that once it receives an allocation of Naira-denominated crude from the Nigerian National Petroleum Company (NNPC), it will promptly resume sales in Naira.
This development comes just days after both the NNPC Limited and the federal government refuted claims that crude oil sales to Dangote and other local refineries in Naira had been halted.
The notice reads in full:
“We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.
“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.
“Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues.
“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.“
