The Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN) have agreed to a banking relationship to guarantee seamless commercial operation in the country.
This was disclosed in a joint statement released on Thursday and signed by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye and the CBN’s Ag. Director, Corporate Communications Department, Hakama Sidi Ali.
“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 cash holding obligor limits in commercial banks set by the Board of Directors.
“The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPCL transactions,” the statement noted.
The statement added, “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.”
To improve transparency, President Bola Tinubu had ordered the apex bank to take over the responsibility for crude oil sales from NNPCL.
The directive mandates the NNPCL to submit receipts for crude oil sales to the CBN for vetting and documentation.
