The Nigerian National Petroleum Company Limited (NNPC) has assured that its decision to move a substantial part of its accounts to the Central Bank of Nigeria (CBN) will not impede its operations. During a visit by the CBN Governor, Olayemi Cardoso, NNPC’s Group Chief Executive Officer, Mele Kyari, clarified that the decision was not made under compulsion and aimed to maintain a safe obligor limit with commercial banks.
Kyari explained that as one of Nigeria’s largest companies, NNPC deals with high liquidity and transaction levels, necessitating close collaboration with the apex bank. He commended the CBN for establishing a dedicated department to ensure a seamless transition and emphasized that the move would serve the best interests of NNPC and the nation.
In response, Cardoso affirmed that NNPC initiated the decision to transfer its accounts to the CBN and assured that the apex bank had restructured and strengthened internal processes to handle this responsibility effectively. He expressed confidence in the collaboration’s success and its benefits for NNPC and Nigeria.
A joint statement by NNPC and CBN spokespersons highlighted the improved platform for managing NNPC’s cash holding obligor limits in commercial banks. Both parties reaffirmed their commitment to strengthening collaboration to ensure the smooth operation of NNPC and emphasized that NNPC would continue its banking transactions with commercial banks as needed.