NNPCL, CBN review decision on revenue management

The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have reviewed the framework on the planned domicile of the significant portion of the company’s revenues and other banking services with the apex bank.

The two Federal Government organisations reviewed the framework at a meeting between the CBN Governor, Olayemi Cardoso, and the NNPCL Group’s Chief Executive Officer, Mele Kyari, in Abuja.

The decision followed the decision to transfer the NNPCL’s revenue to the CBN.

The development has generated mixed reactions in the country with many praising the move, while former Vice President Atiku Abubakar and a few others faulted it.

The NNPCL Chief Corporate Communication Officer, Olufemi Soneye, and the CBN’s Acting Director of Corporate Communication, Hakama Sidi Ali, confirmed the development in a joint statement.

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The statement noted that Kyari and Cardoso met to review the decision to transfer revenue generated by NNPCL to the apex bank.

The meeting, according to the statement, also allowed the duo to strengthen CBN and NNPC’s relationship to guarantee seamless commercial operation.

It read: “The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPCL transactions.

“Both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC limited and noted that NNPCL continues to have banking transactions with commercial banks as required.”

By: Babajide Okeowo

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