Why we moved part of our revenue to CBN — NNPCL

The Nigerian National Petroleum Company Limited (NNPC Ltd) has explained that the company has reviewed its decision to move a significant portion of its revenue to the Central Bank of Nigeria (CBN), in alignment with directives of the board of directors to maintain safe obligor limits with commercial banks.

Mele Kyari, the group managing director of NNPC Ltd stated this in a meeting with senior management team of the CBN, led by Olayemi Cardoso, the governor of the Bank.

He explained that the company which is the largest company in the country, has a high transaction liquidity level, adding that the apex bank has created a digital platform for its transaction going forward.

He said, “We understand very clearly that this review of our decision to move a significant portion of our revenues to the Central Bank of Nigeria is very timely. We made that decision to align with the directives of our board of directors to maintain safe obligor limits with commercial banks.

“We do need an additional support particularly from the central bank. We are a very huge company, our transaction liquidity levels are very high. And perhaps we’re the largest business in this country. And we’re also happy that this CBN has created a very robust digital platform for transactions and also created a department that will deal with NNPC issues and it will have non hindrance to our operation.

“We will continue to collaborate with the Central Bank of Nigeria to ensure that further improvements are received to ensure that this relationship serves the best interests of our company. And of course, ultimately, our country.”

In his remarks, Olayemi Cardoso, the governor of CBN said, “the NNPC has made the decision to move its respectable part of his business to the Central Bank of Nigeria. And I also want to say that we have restructured and strengthened internal processes such that we will be very capable of taking on this enormous responsibility that will be placed within the central bank.

“We are looking forward to further collaboration with NNPC. And I have absolutely no doubt in my mind that this effective collaboration will work in the best interests of NNPC and Nigeria in general.”