Advisors ReportsAdvisors Reports
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: NNPC Ltd. finally agrees to CBN oversight of oil sales revenue
Share
Sign In
Notification Show More
Font ResizerAa
Advisors ReportsAdvisors Reports
Font ResizerAa
Search
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
GasNewsOil & GasUpstream

NNPC Ltd. finally agrees to CBN oversight of oil sales revenue

Admin
Last updated: February 8, 2024 6:26 pm
Admin
Share
2 Min Read
SHARE

 

Oredola Adeola

 

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has agreed to the Federal Government’s directive for the Central Bank of Nigeria (CBN) to oversee the management of oil sales revenue, including the domiciliation of a significant portion of its revenues and other banking services with the apex bank through enhanced digital platforms.

 

This was confirmed in a joint statement released by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. and Hakama Ali, Acting Director, Corporate Communications Department, Central Bank of Nigeria, and obtained by Advisors Reports on Thursday.

 

According to the statement, Mele Kyari, Group Chief Executive Officer NNPC Mallam and Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), on Thursday reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services with the CBN, following their meeting in Abuja.

 

Soneye  and Ali further confirmed that the NNPC Ltd. and CBN Chiefs acknowledged the value created by the decision for all parties, especially in providing the NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks set by the Board of Directors.

 

Advisors Reports gathered that both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited.

 

Despite concerns raised about the legality and implications of this decision by various stakeholders The CBN however emphasised that despite the decision the NNPC Ltd. will continue to have banking transactions with commercial banks as required.

 

 

 

 

Platforms Africa’s Adeola Yusuf wins Journalism Entrepreneur of the Year award 
Tesla upscales global energy storage footprint, deploys 43 MWh Megapack in Japan
Suspension of Naira-for-Crude deal: Slim odds for revival beyond March 2025
Relief to residents of Ajah-Lekki, as Adelabu commissions Siemens-PPI 132/33kv mobile substationed
Electricity subsidy extension: Consumers advocacy leaders blast Senate

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Copy Link Print
Share
Previous Article Court orders Tinubu to regulate petroleum products, essential goods within seven days
Next Article NLC, TUC give FG 14 days to lessen economic impact of fuel price hike, Naira devaluation
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad imageAd image

Latest News

Tinubu appoints Buhari’s former SSA as Chairman of PCNGi
Downstream Gas Midstream News Upstream
June 27, 2025
NNPC Ltd. uncovers coordinated campaign to discredit new leadership, derail ongoing reforms
Downstream Midstream News Upstream
June 27, 2025
Osagie Okunbor retires after 39-yrs of inspiring leadership, driving Shell’s deep-water, integrated gas growth
Documentary Gas Impact Local Content Midstream News Oil & Gas Special Project Upstream
June 27, 2025
Heirs Energies, Renaissance Africa commit to strategic alliance to boost Nigeria’s oil, gas sector
News
June 25, 2025
Follow US
© 2022 AdvisorsReports. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?