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NNPC, CBN to collaborate for seamless commercial operations, cashholding obligor limits  

Photo Collage of NNPCL and CBN Meeting, in Abuja, FCT

*Mele Kyari, Group GCEO of NNPC Limited and Olayemi Cardoso, Governor of CBN review the state oil company’s relocation of a significant portion of its revenues and other banking services, as the CBN offers enhanced digital platforms for transactions, and establishes specific limits to manage the company’s transactions

Isola Moses | ConsumerConnect

Malam Mele Kyari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), and Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), have met to review the decision of the NNPCL to domicile a significant portion of its revenues and other banking services with the country’s banking sector regulator.

The NNPCL and CBN disclosed this development in a joint statement issued Thursday, February 8, 2024, in Abuja, FCT, by Olufemi Soneye, Chief Corporate Communications Officer at NNPC Limited, and Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications Department of CBN.

The statement said: “Following their meeting in Abuja on Thursday, February 8, 2024, the NNPCL and CBN Chiefs noted the value created by the decision for all parties, especially in providing the NNPCL with an improved platform for managing its cashholding obligor limits in commercial banks set by the Board of Directors.”

They stated 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,” the statement noted.

 

 

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