In a bold entry into the international market, Dangote Petroleum Refinery is set to export 90,000 metric tonnes of gasoline, popularly known in Nigeria as petrol, to Asia. It would be the company’s first attempt at exporting the product outside the West African market.
In another development, the senate gave Nigerian National Petroleum Company Limited (NNPCL) one-week ultimatum to provide detailed explanation on discrepancies totalling more than N210 trillion uncovered in the company’s audited financial statements from 2017 to 2023.
The directive followed a probe session by Senate Committee on Public Accounts, which on Wednesday interrogated NNPCL officials over irregularities in figures listed under “accrued expenses” and “receivables” in the company’s financial reports.
Meanwhile, Dangote Refinery, a 650,000 barrels per day refinery located at Lagos Lekki Free Zone, had expanded its global reach, including shipments to Singapore and Saudi Arabia.
The Aliko Dangote-owned mega facility reputed as the world’s largest single train refinery supplied jet fuel to the United States, exporting approximately 1.7 million barrels to key ports.
Reuters quoted a source familiar with the shipment as saying the refinery was set to export 90,000 metric tonnes of gasoline to Asia, marking its first gasoline shipment outside West Africa.
Since the refinery began exporting gasoline last year, its shipments had remained within West Africa. The trading firm, Mercuria, is expected to load the cargo on June 22, Reuters reported.
Dangote Refinery continues to expand its global footprint, ensuring steady production and solidifying its role as a significant player in the international fuel market.
In April, Singapore received a separate shipment of low-sulphur straight-run fuel oil (LSSR) from the refinery, indicating a shift in trade flows toward Asia.
LSSR is typically mixed with other fuels to produce low-sulphur fuel oil (LSFO) for bunkering or used as feedstock in various refining processes, further expanding its utility in global energy markets.
In addition to Asia, the refinery has made substantial inroads into other markets. For instance, it exported two consignments of jet fuel to Saudi’s Aramco, the world’s largest energy company, highlighting its growing influence in the global energy sector.
Furthermore, the refinery has been supplying jet fuel to the United States, with reports indicating shipments of approximately 1.7 million barrels across six vessels to U.S. ports.
In January, Organisation of Petroleum Exporting Countries (OPEC) said Dangote’s oil push in Nigeria was beginning to disrupt the oil market in Europe.
Experts revealed that the Dangote refinery might end the decades-long gasoline trade from Europe to Africa, which is valued at $17 billion per year.
Last April, the refinery was ranked above Europe’s 10 largest refineries in capacity.
Meanwhile, appearing before the senate committee were NNPCL’s Chief Financial Officer, Mr. Dapo Segun, and other senior executives.
During the session, lawmakers expressed alarm at what they described as “mind-boggling” inconsistencies flagged in reports prepared by the company’s external auditors.
Committee chairman, Senator Aliyu Wadada, stated that NNPCL’s audited accounts included accrued expenses totalling N103 trillion, with large line items – such as retention fees, legal fees, and auditors’ fees – lacking corresponding documentation.
Wadada said, “Retention fees alone are quoted at over N600 billion, yet there are no referenced contracts to support these claims.
“Similarly, legal fees are reported without any details of the legal services rendered.”
The receivables section of the report, which also amounted to N103 trillion, raised further questions, he said.
According to Wadada, NNPCL submitted a fresh document shortly before the hearing, which presented figures at odds with those in the audited reports.
He said, “The figures in the new document contradict the officially submitted financial statements.
“We find this not only implausible but deeply troubling. These numbers are already in the public domain and could significantly affect investor perception – especially as NNPCL is preparing for a public listing through an Initial Public Offering (IPO).
Wadada stressed that transparency was imperative given President Bola Tinubu’s Renewed Hope Agenda and the administration’s drive for fiscal accountability.
“In a country striving to optimise every available resource for national development, such glaring discrepancies demand urgent answers – not silence,” he said.
The committee has since issued 11 specific queries to NNPCL, demanding comprehensive written responses within seven days.
Adding to the concerns, the committee highlighted conflicting financial declarations between NNPCL and one of its subsidiaries.
While the National Petroleum Investment Management Services (NAPIMS) reported a profit of N9 trillion between 2017 and 2021, NNPCL recorded a loss of N16 billion over the same period.
Wadada emphasised that the senate would not treat the matter lightly, assuring Nigerians that every kobo in question would be thoroughly accounted for.
Peter Uzoho and Sunday Aborisade
Follow us on:
