, it was disclosed that the decision to transfer a substantial portion of NNPCL’s earnings to the central bank had been approved by the company’s Board of Directors.
He said, “We welcome the governor of the CBN and his senior management team to NNPC Ltd. We understand very clearly that this review of our decision to move significant portions of our revenues to the CBN is very timely.
“We made that decision in line with the directives of our Board of Directors to maintain safe obligor limits with commercial banks. And for us to do this, we do need additional support, particularly from the CBN to achieve this.
“We are a very huge company, our transaction and liquidity levels are very high, and perhaps we are the largest business in this country. We are also happy that the CBN has created a robust digital platform for our transactions.”
“It has created a department that will deal with NNPC issues and will create no hindrance to our operations. We will continue to collaborate with the CBN to ensure that further improvements are received so that this relationship serves the best interest of our company and, of course, our country.”
On his end, Cardoso mentioned that the CBN had made adjustments to its internal procedures in order to be well-equipped for the
