See how Nigerian company reacted to allegations of dirty fuel import

• Matrix Energy, founded by Abdulkabir Aliu, has responded to accusations of importing substandard fuel from Malta
• fuel imports from Malta became a strong subject after comments from Aliko Dangote, chairman of Dangote Petroleum Refinery
• In a clear message, the company defended its CEO and emphasized its adherence to delivering high-quality petroleum products across Nigeria

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

Matrix Energy Group, one of Nigeria’s leading oil marketing and trading companies, has strongly denied allegations of importing substandard petroleum products into the country.

The company, in an official statement, asserted that all its imports have consistently met approved specifications, dismissing the claims as "baseless."

Fuel imports from Malta surged significantly Photo credit: Benson Ibeabuchi
Source: Getty Images

The allegations were sparked by an online publication that linked Matrix Energy to the importation of dirty fuel from Malta, a claim that the company has firmly refuted.

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The publication also suggested that Matrix Energy is one of the largest fuel importers via Malta, a tiny European country.

How did the controversy start?

The controversy escalated when Aliko Dangote, Chairman of Dangote Industries Limited, alleged that certain personnel within the Nigerian National Petroleum Company Limited (NNPCL), along with oil traders and terminals, had established a blending plant in Malta.

However, this allegation was swiftly denied by the Group Chief Executive Officer of NNPCL, Mele Kyari.

Dangote's comment got more attention when it was revealed that Nigeria's petroleum imports from Malta surged dramatically to $2.8 billion in 2023, a significant increase from zero between 2017 and 2022 and just $13.32 million in 2016.

Nigerian billionaire company defends fuel import

Reacting to the allegation in a statement signed by Ibrahim Akinola, Head of Corporate Communications at Matrix Energy Group, said its imported products meet the approved specifications, and no customer has rejected them.

The statement reads:

“Our attention has been drawn to a recent online publication where our name was featured. We would have loved to ignore the tissue of lies spewed in the publication, but the need to set the records straight and present facts from sensation obliges us to address the matter, as well as to protect and uphold the integrity of the brand and reputation we have meticulously built over the past 20 years."

Matrix Energy emphasized that it operates as a wholly indigenous and independent oil marketing and trading company, with substantial investments in strategic infrastructure, including vessels, oil and gas terminals, trucks, and retail outlets across 28 states, including the Federal Capital Territory.

The company assured that it has always adhered to the procedures set forth by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in importing fuel products and has never been found wanting.

Matrix added:

“The NMDPRA is the sole regulatory body empowered by the Petroleum Industry Act to issue import licenses and enforce the Standards Organization of Nigeria product specifications."

The company also highlighted that the recently introduced Utapate crude oil blend from OML 13 was obtained through a lawful bidding process, with Matrix Energy among the companies that won the tenders.

Matrix defends billionaire CEO

The company defended its Chief Executive Officer, Abdulkabir Adisa, stressing that he is a dedicated professional committed to making a positive impact in Nigeria's energy sector.

“Our Chief Executive Officer, Abdulkabir Adisa Aliu is a talented and dedicated Nigerian with the right to associate freely as well as trade freely in any part of the world.“Like he stated in his presentation before the Nigerian Senate, we are not aware that Nigerian companies have been banned from bringing in legitimate and standard products from outside the country and until such is done, we will continue to serve the public with best quality products.“Those who know our CEO understands that he is far from lazy; rather, he is deeply committed to making a positive impact. His selection by Mr. President to serve as a member of the Economic Coordination Council is a recognition of his dedication to shared values and his commitment to the betterment of Nigeria in the Renewed Hope Agenda, for which he remains deeply grateful."

Dangote, 7 Other Refineries Set to Produce

Legit.ng reported that data from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) shows that about eight Nigerian refineries are expected to commence operations in August 2024.

The refineries’ combined capacity is estimated at 864,500 barrels per day, which places a huge demand on the NUPRC for crude oil.

Some refineries, including the Port Harcourt refinery, Waltersmith Refinery, the Dangote Refinery, and others, demand about 597,700 barrels of crude oil from the oil regulator.

Source: Legit.ng