Kyari Speaks On Decision To Move NNPC Revenues To CBN

The Group CEO of NNPC Limited, Mele Kyari, has averred that the decision taken by the company’s board to move a significant part of its revenues to the Central Bank of Nigeria (CBN) was in the country’s best interest.

Naija News reports that Kyari made this known during a meeting with the Central Bank of Nigeria Governor, Olayemi Cardoso, on Thursday.

He noted that the decision was made in line with the directives of all parties, especially in providing NNPC Ltd. with an improved platform for managing its cash-holding obligor limits in commercial banks set by the Board of Directors.

Kyari added that the national oil company will continue maintaining some of its positions with commercial banks.

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 in line with the directives of our board of directors to maintain self-obligor limits with commercial banks.

“And for us to do this, we do need additional support particularly from the Central bank to achieve this. We are a very huge company. Our transactions and liquidity levels are very high. Perhaps we are the largest business in this country.

“And we are also happy that the CBN has also created a very robust digital platforms for our transactions and also created a department that will deal with NNPC issues and it will create no hindrance to our operations.

“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 interest of our company and, ultimately, our country.

“NNPC will continue to maintain banking position with commercial banks.”

Also speaking, Cardoso explained that the apex bank has restructured processes capable of taking on the responsibility to avoid hitches in NNPC transactions.

He said, “We have come to this stage where the NNPC has decided to move the respectable part of its business to the Central Bank of Nigeria. I also want to say that we have restructured our internal processes such that we will be very capable of taking on this enormous responsibility that will be placed in 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 interest of the NNPC and Nigerians in general.”