The Nigerian National Petroleum Corporation Limited (NNPC Ltd.) and the Central Bank of Nigeria (CBN) have conducted a comprehensive review of NNPC Ltd.’s decision to centralize a significant portion of its revenues and banking services with the CBN aimed at optimizing banking services and bolstering their relationship
The review, which occurred during a meeting between NNPC Ltd.’s Group Chief Executive Officer, Malam Mele Kyari, and the Governor of the CBN, Olayemi Cardoso, held at the NNPC Ltd. towers in Abuja on Thursday, marks a significant step in streamlining financial operations within the nation’s oil sector.
A joint statement signed by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., and Hakama Ali, Acting Director of the Corporate Communications Department at the CBN, emphasized the mutual benefits derived from this decision.
According to the statement, the collaboration will provide NNPC Ltd. with an enhanced platform to manage its cash holdings and adhere to obligor limits set by its Board of Directors in commercial banks. Furthermore, the CBN has introduced improved digital platforms for all transactions, along with specific limits to regulate NNPC Ltd.’s financial activities.
Soneye and Ali reiterated the commitment of both NNPC Ltd. and the CBN to strengthen their collaboration, ensuring seamless operations for NNPC Ltd. as a commercial entity. They also affirmed their dedication to maintaining banking transactions with commercial banks as required, underscoring the importance of a harmonized approach to financial management within the oil and gas sector.
This move aligns with the directive issued by the President, which stipulates that foreign exchange generated from crude oil sales be deposited directly into the CBN. It reflects a proactive effort by both NNPC Ltd. and the CBN to enhance transparency, efficiency, and accountability in the management of Nigeria’s oil revenues.
The collaborative review underscores a shared commitment to advancing the nation’s economic interests and fostering a conducive environment for sustainable growth and development in the oil and gas industry.
Credit: News Agency of Nigeria (NAN)
