Oil revenues: NNPC, CBN review seamless banking operation

Following the presidential directive, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services with the apex bank.

Kyari abd Cardoso met on Thursday, February 8, 2024 in Abuja.

“Both the NNPC Ltd. and CBN chiefs noted the value created by the decision for all parties, especially in providing the NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks set by the Board of Directors.

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“The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions,” the two entities stated.

In a joint statement signed by Olufemi O. Soneye, Chief Corporate Communications Officer of NNPC Ltd. and Hakama Sidi Ali, Ag. Director, Corporate Communications Department of CBN, both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited.

They noted that NNPC Ltd. continues to have banking transactions with commercial banks as required.

The Star