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NNPCL, CBN set limit for oil revenue management

The Nigerian National Petroleum Company (NNPC) Limited has collaborated with the Central Bank of Nigeria (CBN) to set limits for the management of the oil firm’s revenue.

The limit was set following a meeting between the CBN Governor, Olayemi Cardoso, and the NNPCL Group Chief Executive Officer, Mele Kyari, in Abuja.

This was disclosed in a statement jointly signed on Thursday by the NNPCL spokesman, Olufemi Soneye, and his CBN counterpart, Hakama Sidi Ali.

Kyari and Cardoso decided to meet to review the decision to transfer revenue generated by NNPCL to the apex bank.
According to the statement, Kyari and Cardoso “reviewed the decision of the NNPCL to domicile a significant portion of its revenues and other banking services with the CBN”.
The meeting also allowed the duo to strengthen CBN and NNPC’s relationship to guarantee seamless commercial operation.
“The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPCL transactions,” the statement read.

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