During Monday's Energy Relations Stakeholders Engagement in Abuja, Chief Corporate Communications Officer Mr. Olufemi Soneye delivered the following statement. It is important to note that in January 2024, the national oil company, in collaboration with Afreximbank, secured a $3.3 billion syndicated crude oil prepayment facility—the largest crude-backed facility in Nigeria and among the most significant syndicated debts in Africa.
During the event, Soneye emphasized that these initiatives reflect NNPCL’s commitment to fostering national development partnerships. He noted that under the leadership of Mele Kyari, NNPC Ltd has reached significant milestones that are reshaping the future of Nigeria’s oil and gas industry.
Soneye stated, “Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Furthermore, Kyari played a pivotal role in facilitating the $3 billion Gazelle loan, which was crucial in stabilizing the federation during a challenging foreign exchange period.”
Regarding the support for Dangote, he remarked, “The strategic decision to secure a $1 billion loan backed by NNPC’s crude was vital in assisting the Dangote refinery amid liquidity challenges, thereby paving the way for Nigeria’s first private refinery.” He added that this initiative highlights NNPC’s commitment to promoting public-private partnerships that drive national development.
Soneye also referenced the restart of the Port Harcourt Refining Company, calling it a significant milestone in Nigeria’s pursuit of energy self-sufficiency and reaffirming the company’s dedication to revitalizing the nation’s energy sector.
He emphasized that the national oil company has been a strong advocate for the use of Compressed Natural Gas as an alternative energy source, providing Nigerians with a cleaner and more economical option in light of increasing global energy prices. He noted a landmark achievement when NNPC reported a profit for the first time in decades, signifying a major financial recovery.
Soneye mentioned that the company has already surpassed its profit expectations for 2024, highlighting the impactful reforms within the organization. He assured that as a responsible energy provider, NNPCL will persist in enhancing Nigeria’s energy sector while reinforcing its legacy as a transformative entity and a global leader.
During the stakeholders’ meeting, he acknowledged the crucial role stakeholders play in shaping the future of energy in Nigeria and beyond. He stated, “Together, we are positioned at the forefront of a transformative era in the global energy sector, where collaboration, innovation, and sustainability are essential for success.”
He stated that energy relationships underpin NNPC Ltd.'s operations and strategic objectives as an integrated energy company. Soneye confirmed that NNPCL is committed to fostering strategic partnerships, promoting operational excellence, and delivering value across the energy value chain.
He concluded that the meeting demonstrated a shared vision to ensure energy security, economic growth, and environmental stewardship for the collective benefit of all stakeholders.