KYARI AND CARDOSO DISCUSS STRATEGIES FOR HOUSING NNPC’S REVENUES WITH CBN

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 assessed NNPC Ltd.’s choice to house a substantial portion of its revenues and other banking services with the CBN.

After their meeting in Abuja on Thursday, February 8, 2024, the NNPC Ltd. and CBN Chiefs acknowledged the value resulting from the decision, particularly in providing NNPC Ltd. with an enhanced platform for managing its cash holding obligor limits in commercial banks, as 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 states:

“The CBN has offered improved digital platforms for all transactions and has set specific limits to oversee NNPC Ltd. transactions.

“Both parties have also pledged to further enhance collaboration to ensure the smooth operations of the commercial NNPC Limited and acknowledged that NNPC Ltd. continues to engage in banking transactions with commercial banks as required.”

News Source: Techeconomy