Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), and Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), have recently reevaluated the decision made by the oil company to centralize a significant portion of its revenues and banking services with the apex bank,leadership reports.
Following their meeting in Abuja on Thursday, both leaders acknowledged the benefits derived from this decision, particularly in enhancing the NNPC Ltd’s ability to manage its cash holdings and adhering to obligor limits set by the Board of Directors in commercial banks.
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In a joint statement issued by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, and Hakama Sidi Ali, Acting Director of the Corporate Communications Department at CBN, it was stated that the CBN has implemented improved digital platforms for transactions and has set specific limits to oversee NNPCL’s transactions.
The parties involved have also pledged to further strengthen their collaboration to ensure smooth operations for the commercial NNPC Limited. It was emphasized that NNPCL will continue its banking transactions with commercial banks as necessary.
