CBN, NNPC resolve to strengthen relationship, guarantee seamless commercial operation - ITREALMS

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"The Nigerian National Petroleum Company (NNPC Ltd) and the Central Bank of Nigeria (CBN) on Banking Relationship"

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services with the CBN, reports ITREALMS.

Following their meeting in Abuja on Thursday, February 8, 2024, the CBN and NNPC Ltd Chiefs noted the value created by the decision for all parties, especially in providing the NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks set by the Board of Directors.


A joint press statement available to ITREALMS by the duo of Ag. Director, Corporate Communications Department, CBN, Mrs Hakama Sidi Ali and Chief Corporate Communications Officer, NNPC Ltd Mr. Olufemi O. Soneye, quoted CBN as having provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions.

Also, ITREALMS gathered that both parties have committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited and noted that NNPC Ltd. continues to have banking transactions with commercial banks as required.

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