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 CBN.
A joint statement, issued on Thursday, signed by Olufemi O. Soneye, Chief Corporate Communications Officer, NNPC Limited and Hakama Sidi Ali, Ag. Director, Corporate Communications Department, CBN, said after the meeting of the Chief Executives in Abuja on Thursday, February 8, 2024, 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.
‘The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. Transactions,’ the statement said.
According to the organizations, both parties have also committed to further strengthen 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.
