DMEA: Central Bank of Nigeria set to take over NNPCL crude sales

Nigeria's President Bola Tinubu has announced a change to the country’s oil industry to fix issues regarding transparency amid concerns regarding declining oil revenue and shady practices within the Nigerian National Petroleum Co. Ltd. (NNPCL).

According to Tinubu, the change involves the Central Bank of Nigeria (CBN) taking over responsibility for the sale of crude oil from the NNPCL.

The NNPCL previously controlled crude oil sales while submitting accounts to the federal government. Critics argued that such an arrangement lacked transparency – allowing the oil major to underreport its earnings.