Oil firm denies importing substandard products

• Published On: 17 August 2024 at 13:35

Matrix Energy Group has denied allegations of importing substandard petroleum products into the country, claiming that its products have always met approved specifications.

Matrix Energy, an oil marketing and trading company, confirmed in response to an online publication that it is one of the largest fuel importers through Malta, a small European country.

Aliko Dangote, Chairman of Dangote Industries Limited, claimed that some personnel from Nigerian National Petroleum Company Limited, oil traders, and terminals had established a blending plant in Malta.

Mele Kyari, NNPCL's group CEO, denied this immediately.



Nigeria's petroleum imports from Malta increased significantly to $2.8 billion in 2023, from zero between 2017 and 2022 and a mere $13.32 million in 2016.

However, in its official response, Matrix Energy's management stated that the company has never imported or distributed any substandard cargo in its two decades of operations.



On Saturday, Ibrahim Akinola, Head Corporate Communications at Matrix Energy Group, issued a statement explaining that the company did not discharge 200,000 metric tons of PMS into its facility in July 2024, as claimed in the news report.

The statement read: "Our attention has been drawn to a recent online publication in which our name was mentioned. We would have preferred to ignore the tissue of lies spread in the publication, but the need to set the record straight and separate facts from sensation compels us to address the issue, as does the need to protect and uphold the integrity of the brand and reputation we have painstakingly built over the last 20 years.

"Matrix Energy Group is a wholly indigenous and independent oil marketing and trading company with significant investments in strategic infrastructure such as vessels, oil and gas terminals, trucks, and retail outlets in 28 states, including the Federal Capital Territory."

"We have always imported products that meet the approved specifications and have never been found wanting. Our commitment to quality is reflected in the fact that none of our customers has ever rejected our products; in fact, demand for Matrix products frequently exceeds our capacity to supply, demonstrating our reputation for dependability."



According to the statement, the company has always followed the procedures set out by the Nigerian Midstream and Downstream Petroleum Regulatory Authority when importing fuel products and has never been found wanting.

It also stated that the recently introduced Utapate crude oil blend from OML 13 was obtained through a bidding process, and any company that wins the tender is following the law.


According to the statement, "The Nigerian Midstream and Downstream Petroleum Regulatory Authority is the sole regulatory body empowered by the Petroleum Industry Act to issue import licenses and enforce the Standards Organization of Nigeria product specifications."

"In contrast to the claims made in the aforementioned publication, we did not discharge 200,000 metric tons of PMS into our facility in July 2024. While we have the capacity and customer base to handle such volumes, Matrix Energy has never imported or distributed substandard cargo during our two decades in business. Our quality test has never been called into question by regulators or Nigerians who have chosen us as a partner.

"It is worth noting that the Nigerian National Petroleum Corporation Limited recently launched its Utapate crude oil blend from OML 13." NNPC traditionally tenders its free crude cargoes, and any company that wins the tender follows the law. Matrix Energy, like the other companies, won the tenders.

The company also denied any wrongdoing by its CEO, Abdulkabir Adisa, stating that he is a talented and dedicated Nigerian with the right to associate and trade freely in any part of the world. As he stated in his presentation to the Nigerian Senate, we are unaware that Nigerian companies have been prohibited from importing legitimate and standard products from outside the country, and we will continue to provide the public with the highest quality products until this is resolved.

"Those who know our CEO understand that he is not lazy; rather, he is deeply committed to making a positive difference.

"Mr. President's selection of him to serve on the Economic Coordination Council is a recognition of his dedication to shared values and commitment to the betterment of Nigeria in the Renewed Hope Agenda, for which he is deeply grateful.

"Matrix Energy Group remains steadfast in our commitment to supporting Nigeria by ensuring the availability of petroleum products at competitive prices, in alignment with Mr President's vision for the country."