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Moving NNPC revenues to CBN in nation’s best interest —Kyari


electricityAbuja-The Group CEO of NNPC Limited, Mr. Mele Kyari, has said the decision taken by the company’s board to move significant part of its revenues to the Central Bank of Nigeria, CBN, was in the best interest of the country.

Kyari, who stated this when he met with the governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, to review the decision, said the national oil company would continue to maintain some of its positions with commercial banks.

He  noted 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.

Kyari stated: “We understand very clearly that this review of our decision to move significant portion ofbour 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.

“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.

“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.’’

On his part, the CBN governor, Cardoso explained that the apex bank has restructured and strengthen its internal processes to ensure there were no hitches in NNPC transactions.

“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,’’ Cardoso said.

A statement by NNPC Chief Corporate Communications Officer, Mr Olufemi Soneye, said both parties have also committed to further strengthening their collaboration to ensure seamless operations of the commercial NNPC Limited.

No plan to increase petrol pump price, says NNPC Ltd

Meanwhile, amid growing queues at filling stations, the Nigerian National Petroleum Company, NNPC, Limited has said there was no plans to increase the pump price of premium motor spirit, also known as petrol.

The pump price of petrol has remained largely stable in the past few months, following the removal of subsidy by President Bola Ahmed Tinubu in May 2023.

Checks around Abuja yesterday showed that while NNPC Retails Limited continued dispensing at N617 per litre, major marketers sold at N648 to N650 per litre, with independent marketers dispensing at N660 per litre.

A statement by the spokesman of NNPC Limited, Mr Olufemi Soneye, assured consumers that there was no imminent increase in the cost of petrol.

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price,” Soneye stated.

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