Mallam Mele Kyari, the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), and Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), 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, today, 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.
A joint statement signed by Olufemi Soneye, chief corporate communications officer, NNPC Ltd., and Hakama Sidi Ali, acting director, Corporate Communications Department, Central Bank of Nigeria, further reads:
“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”.
