Report Claims NNPC Deliberately Moved Revenue Accounts to CBN, Gives Reasons
- 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
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
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.
Source: UGC
Legit.ng earlier reported that the NNPCL would no longer be in charge of revenue generated from the sale of crude oil.
A New Telegraph 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.
NNPCL offered to move its accounts
In its findings, Daily Trust 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.
According to the source, NNPCL offered to help the CBN with the account opening last Monday during a meeting at the Ministry of Finance's headquarters.
Representatives from the finance ministry, NNPCL, CBN, and the Office of Accountant General of the Federation attended the meeting.
NNPCL remitted zero funds to federation account In 2022
Legit.ng reported that the NNPCL made zero allocation to the Federation Account in 2022 due to subsidy payments on petrol.
The company's Chief Financial Officer, Umar Ajiya, disclosed this in a documentary.
The NNPCL is a primary revenue-generating agency in Nigeria as it manages and sells Nigeria's crude oil and gas, among other essential functions.
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Source: Legit.ng
