The Group CEO of NNPC Limited, Mr. Mele Kyari, defended the company’s decision to move a significant portion of its revenues to the Central Bank of Nigeria (CBN), emphasizing that it was in the best interest of the country. Kyari, during a meeting with the CBN Governor, Mr. Olayemi Cardoso, stated that the decision aligns with the directives of the NNPC board to maintain self-obligor limits with commercial banks.
The move aims to provide NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks. Kyari highlighted the value created by the decision, emphasizing that the collaboration with the CBN would ensure effective operations without hindrance.
The CBN governor, Cardoso, expressed confidence in the collaboration, stating that the apex bank has restructured and strengthened its internal processes to handle the responsibility of NNPC transactions. Both parties committed to further collaboration to ensure seamless operations for NNPC Limited.
The decision to centralize a significant part of NNPC’s revenues with the CBN reflects efforts to enhance transparency and streamline financial operations within the country’s national oil company.
