NNPC and CBN Forge Stronger Relationship for Smooth Commercial Operations

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In a collaborative effort aimed at bolstering seamless commercial operations, the Nigerian National Petroleum Company (NNPC Ltd) and the Central Bank of Nigeria (CBN) have reaffirmed their commitment to closer ties. The joint statement, endorsed by Olufemi O. Soneye, Chief Corporate Communications Officer of NNPC Ltd, and Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, highlights the outcomes of a meeting between Mallam Mele Kyari, Group Chief Executive Officer of NNPC Ltd, and Mr. Olayemi Cardoso, Governor of the CBN, held in Abuja on Thursday, February 8, 2024.

The discussions centered on NNPC Ltd’s decision to domicile a significant portion of its revenues and banking services with the CBN. Recognizing the benefits of this arrangement, both parties acknowledged the improved platform it provides for managing NNPC Ltd’s cash holdings and obligor limits in commercial banks, as set by the Board of Directors.

The CBN has introduced enhanced digital platforms for transactions and implemented specific limits to manage NNPC Ltd’s transactions effectively. Additionally, both entities have pledged to further strengthen their collaboration to ensure the smooth operations of NNPC Ltd on a commercial level, while acknowledging that NNPC Ltd will continue its banking transactions with commercial banks as required.

This partnership signifies a strategic step towards enhancing efficiency and transparency in Nigeria’s petroleum sector, ultimately contributing to the nation’s economic growth and stability.

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