In a significant move, the Nigerian National Petroleum Company Limited (NNPCL) has decided to transfer a substantial portion of its revenues to the Central Bank of Nigeria (CBN), as approved by its Board of Directors. This decision follows the establishment of a dedicated department at the CBN to handle crude oil sales transactions, announced by Mele Kyari, the Group Chief Executive Officer of NNPCL.
This development comes amidst reassurances from NNPCL that there are no immediate plans to increase the pump price of Premium Motor Spirit (petrol), as the company remains the sole importer of petrol into Nigeria.
In January, reports surfaced indicating that President Bola Tinubu had instructed the CBN to take over the responsibility of managing crude oil sales proceeds from NNPCL. As a result, NNPCL will now submit receipts for crude oil sales to the CBN for verification and documentation.
During a meeting between the CBN delegation, led by Governor Olayemi Cardoso, and NNPCL management in Abuja, Kyari expressed appreciation for the decision to transition the company's transactions to the CBN. He highlighted the need for additional support to maintain safe financial limits with commercial banks, emphasizing the importance of collaboration between NNPCL and the CBN.
Cardoso affirmed the CBN's readiness to handle this responsibility, noting that internal processes have been restructured and strengthened accordingly. He assured that the CBN is fully equipped to manage the significant role entrusted to it by NNPCL.
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