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Kyari, CBN agree on the limit for NNPCL’s revenue management

The Nigerian National Petroleum Corporation (NNPC) Limited and the Central Bank of Nigeria (CBN) have reached an agreement to establish specific boundaries governing the management of the oil firm’s revenue.

Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, disclosed on Thursday that the limit was established during a meeting between Mele Kyari, the Group Chief Executive Officer of the oil company, and Olayemi Cardoso, the Governor of the Central Bank of Nigeria, held in Abuja.

Kyari and Cardoso’s meeting focused on reviewing the decision to transfer revenue generated by NNPCL to the apex bank.

He mentioned that the meeting also aimed to enhance the relationship between CBN and NNPC, ensuring smooth commercial operations.

According to the statement, both parties recognized the significance of the decision for all stakeholders, particularly in granting NNPCL an improved platform for overseeing its cash-holding obligations limits in commercial banks, as directed by the board of directors.

 

 

 

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