• Tuesday, March 05, 2024
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No clarity yet on transfer of crude oil proceeds to CBN

No clarity yet on transfer of crude oil proceeds to CBN

Government authorities are yet to clarify reports on the transfer of crude oil proceeds from the Nigerian National Petroleum Company Limited (NNPCL) to the Central Bank of Nigeria (CBN) which has been making the rounds since Monday.

There have been reports that President Bola Tinubu had ordered the CBN to take over the responsibility for crude oil sales proceeds from NNPCL. Under the new arrangement, NNPCL will be expected to submit receipts for crude oil sales to CBN for vetting and documentation.

The NNPCL which has been in control of crude oil sales, only renders accounts to the Federal Government while retaining the proceeds.

Those who applauded the purported new arrangement which is supposed to give the Central bank the sole authority to keep and manage crude oil proceeds say it could be as a result of the widely criticised opaqueness in the operations of the state-owned oil company.

However, checks by BusinessDay reveals that the arrangements were not clear enough, as top sources from both institutions could not give adequate information when contacted.

In a chat with BusinessDay, a top source at the NNPCL, said “Thank you for reaching out regarding the crude oil sales. At this time, I am not aware of any such directive, should there be any updates or further information on this matter, I will promptly notify you.”

A top source from the CBN who also could not give clarity on the matter said, “I can’t confirm but I understand the source is close to presidency.”