The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have revised their decision to centralize a significant portion of NNPC’s revenues and banking services with the CBN. According to a joint statement signed by NNPC spokesperson Olufemi Soneye and CBN’s Acting Director of the Corporate Communications Department Hakama Ali, this decision aims to improve transparency and accountability.Thank you for reading this post, don't forget to subscribe!
The statement further outlines that the CBN will offer NNPC an enhanced platform for all transactions and establish specific limits to effectively manage these transactions. Both Mele Kyari, Group Chief Executive Officer of NNPC, and Olayemi Cardoso, Governor of the Central Bank of Nigeria, reiterated their commitment to strengthening the partnership to ensure smooth operations at NNPC.
This collaboration highlights a shared dedication to operational excellence and financial prudence, contributing to the sustainable growth and development of Nigeria’s energy sector. In an interview with Arise Television, Mr. Cardoso emphasized that holding crude oil sales funds in the central bank bolsters foreign investors’ confidence in Nigeria, promoting economic stability.
He further remarked, “The recent move to have NNPC and some other MDAs channel their funding directly to the central bank also sends a powerful signal and enhances investors’ confidence.”