The Central Bank of Nigeria (CBN) has established a department to handle crude oil sales transactions by the Nigerian National Petroleum Company Limited (NNPCL), as announced by the Group Chief Executive Officer, Mele Kyari, on Thursday.
Kyari also disclosed that the NNPCL’s Board of Directors had approved the decision to transfer significant portions of the company’s revenues to the apex bank.
This development follows reports in January that President Bola Tinubu directed the CBN to take over the responsibility for crude oil sales proceeds from the NNPCL.
As a result, NNPCL is expected to submit receipts for crude oil sales to the CBN for vetting and documentation.
In a video meeting between a CBN delegation led by Governor Olayemi Cardoso and the management of NNPCL, Kyari welcomed the decision to shift the oil firm’s transactions to the CBN.
He emphasized the need for additional support from the CBN to maintain safe obligor limits with commercial banks due to NNPCL’s high transaction and liquidity levels.
Cardoso stated that the CBN had restructured its internal processes to handle the significant responsibility placed on the bank by NNPCL.
He expressed confidence that effective collaboration between NNPCL and the CBN would serve the best interests of both the company and Nigeria as a whole.
Peoplesmind
