BY SAM OTUONYE
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.
The partnership was disclosed in a joint statement by the Chief Corporate Communications Officer of Nigerian National Petroleum Company (NNPC Ltd) and the Acting Director, Corporate Communications of Central Bank of Nigeria (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 statement said that the CBN had provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions.
Both parties also committed to further strengthening the collaboration to ensure seamless operations noting that NNPC Ltd. would continue to have banking transactions with commercial banks as required.