The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it played a pivotal role in facilitating the $3 billion Gazelle loan to help stabilize the federation’s foreign exchange crisis.
Mr. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, disclosed this at the Energy Relations Stakeholders Engagement in Abuja on Monday.
Soneye explained that the Gazelle loan, an Afreximbank crude oil prepayment facility sponsored by NNPCL in January 2024, was a critical intervention during a challenging period for Nigeria’s foreign exchange.
In addition, NNPCL secured a $1 billion loan backed by its crude oil to support the Dangote Refinery during its liquidity challenges, underscoring the company’s commitment to fostering public-private partnerships for national development.
Soneye highlighted that this initiative played a significant role in the establishment of Nigeria’s first private refinery.
The NNPCL spokesperson also discussed the leadership of Mele Kyari, noting that under his guidance, NNPCL has achieved transformative milestones in Nigeria’s oil and gas sector.
He cited the restart of the Port Harcourt Refinery as a major step toward energy self-sufficiency and reaffirmed NNPCL’s commitment to revitalizing Nigeria’s refining capacity.
Further, NNPCL’s adoption of Compressed Natural Gas (CNG) as an alternative energy source offers Nigerians a cleaner, more cost-effective solution amidst global energy challenges.
Soneye also noted NNPCL’s historic financial turnaround, as it declared profits for the first time in decades and exceeded its profit projections for 2024.
Soneye emphasized that NNPCL continues to strengthen Nigeria’s energy sector, fostering meaningful relationships with stakeholders to drive excellence, energy security, economic growth, and environmental stewardship.
He also highlighted the evolving role of NNPCL under the Petroleum Industry Act (PIA), noting that approvals now come from the company’s board rather than the Federal Executive Council (FEC).
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