A new report has hinted at the actual occurrence regarding the movement of NNPCL’s account to the CBN
This is against an earlier report that President Tinubu directed the CBN to take over management of the oil company’s revenue
Sources said the CBN’s move is in line with its limited liability company status since the PIA implementation
Following a report that the federal government directed the Nigerian National Petroleum Company Limited (NNPCL) to move its accounts to the Central Bank of Nigeria (CBN), new findings have revealed another twist to the story.
A report stated that the CBN will now take over the management of the revenue accrued from oil sales per a directive from President Bola Tinubu.
It has been reported that NNPCL offered to move its accounts to the apex bank to support the liquidity management objective of the CBN. Sources told the news agency that this decision was reached to assist the apex bank in boosting liquidity in naira and dollar components.
According to the source, since the implementation of the Petroleum Industry Act of 2021, NNPCL, in line with its limited liability company status, had its accounts with commercial banks earlier.
He said that the NNPC’s action was merely an aid from the national oil company to increase foreign cash inflows and that it was not required to domicile its accounts with the central bank.