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.
Following their meeting 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.
ALSO READS:
- Tegbe assumes duty, seeks stronger collaboration to drive Power Sector Reforms
- Sahara Group Foundation extends recycling solutions to Northern Nigeria with Masaka Hub
- NUPRC to Launch 2026 Licensing Round by Q4
- Work resumes at NUPRC after 12 hours union strike
- Dangote Refinery cuts petrol to 1,250, diesel price again
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.
