NNPC To Domicile Revenues, Other Banking Services With CBN

By Stephanie Odiase

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr. 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.

Following their meeting in Abuja on Thursday, 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.

A joint statement signed by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, and the CBN’s Ag. Director, Corporate Communications Department, Hakama Sidi Ali, informed that the CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions.

Both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited and noted that NNPC Ltd. continues to have banking transactions with commercial banks as required, the statement added.