The Nigerian National Petroleum Company Limited, NNPCL, has been advised not to sabotage the operations of local refineries.
The CPN, a political pressure group, issued the warning on Tuesday.
The warning comes after NNPCL reportedly terminated the naira-for-crude oil contract with domestic refiners, including Dangote Refinery.
On Monday, news surfaced that NNPCL had terminated its naira-for-crude purchase arrangement with Dangote Refinery, leaving domestic refineries to rely only on international crude purchases.
However, NNPCL, through its spokesman, Olufemi Soneye, denied discontinuing the naira-for-crude agreement with Dangote Refinery.
Soneye added that the agreement, which began in October 2024, was designed as a six-month term, subject to availability, and will expire at the end of March 2025.
At a press conference in Abuja on Tuesday, the CPN warned against canceling the agreement, claiming that doing so would damage President Bola Tinubu’s administration’s economic ambitions.
CPN also warned that terminating the agreement would jeopardize the growth of local refineries.
Addressing media, CPN convener Dr. Emmanuel Agabi questioned the timing of reports claiming that the naira-for-crude arrangement had been terminated.
He expressed alarm about the repercussions of abandoning the agreement, noting that Nigeria’s crude output had increased since its commencement.
CPN cautioned that delaying the contract would have far-reaching effects, including depletion of Nigeria’s foreign exchange reserves and damaging the naira’s recent gains.
A new foreign exchange crisis would result in significant increases in petrol pump prices, causing additional hardship for Nigerians, the CPN said.
CPN accused NNPCL management of choosing its own interests over the general good of the nation, stating that local refineries are capable of supplying domestic petroleum needs if given the required backing.
“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 organization also urged the Federal Government to probe corruption claims at NNPCL. It drew attention to accusations that a cabal of petroleum importers and NNPCL officials is attempting to block domestic refineries from supplying Nigeria’s PMS demand.
Concerned Nigerians, a civic organization, alleges that this conspiracy involves efforts to cut off crude oil supply to domestic refineries, particularly the Dangote Refinery.
Recently, allegations revealed that NNPCL intended to alter its crude allocation to Dangote Refinery following the activation of the Warri and Port Harcourt refineries, which have a total capacity of approximately 135,000 barrels per day.
Under the naira-for-crude project, NNPCL provides Dangote Refinery with 300,000 barrels of crude per day.
