Kyari Provides Insight Into Move To Transfer NNPC Revenues To CBN....KINDLY READ THE FULL STORY HERE▶

The Group CEO of NNPC Limited, Mele Kyari, has emphasized that the decision to relocate a substantial portion of the company’s revenues to the Central Bank of Nigeria (CBN) was made with the nation’s best interests in mind……..CONTINUE READING

This revelation came during a meeting between Kyari and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Thursday.

Kyari underscored that the decision aligns with directives from all stakeholders, particularly aimed at enhancing NNPC Ltd.’s ability to manage its cash-holding obligations set by the Board of Directors.

He clarified that NNPC will still maintain some of its financial positions with commercial banks.

Kyari stated, “We recognize the importance of reviewing our decision to transfer a significant portion of our revenues to the Central Bank of Nigeria. This decision was made in accordance with directives from our board of directors to maintain self-obligor limits with commercial banks.

“To achieve this, we require additional support, particularly from the Central Bank. As a colossal company, our transactions and liquidity levels are substantial, perhaps unmatched in the country. We are pleased that the CBN has established robust digital platforms for our transactions and a dedicated department to address NNPC issues, ensuring seamless operations.

“We are committed to collaborating with the Central Bank of Nigeria to facilitate further enhancements, ensuring that this partnership serves the best interests of our company and, ultimately, our nation.

“NNPC will continue to uphold its banking relationships with commercial banks.”

In addition, Cardoso assured that the apex bank has revamped internal processes to effectively handle the responsibilities associated with NNPC transactions, ensuring smooth operations.

He remarked, “We have reached a significant milestone with NNPC’s decision to transfer a considerable portion of its operations to the Central Bank of Nigeria. We have restructured our internal processes to adequately handle this substantial responsibility. We eagerly anticipate further collaboration with NNPC, confident that this synergy will benefit NNPC and all Nigerians.”