Top executives from oil companies met with officials from Ministries of Finance, Budget, and Mines and Hydrocarbons, namely Fortunato-Ofa MBO NCHAMA and Antonio Oburu Ondo, along with their Boards of Directors. The August 18 meeting focused on compelling oil firms to operate through national banks and repatriate 35% of turnover as per legislation.
Read More: Nigeria: NNPC Obtains a $3 billion Loan for Foreign Exchange Stabilization
An accord emerged with commercial bank heads also attending. Finance Minister announced a 30-day window for companies to create trading accounts. A commission, involving Ministries of Finance, Budget, and Mines and Hydrocarbons, and delegates from companies and banks, will oversee the process.
Extractive firm representatives expressed willingness to establish local and foreign currency accounts. They highlighted technical challenges hampering operations and potential account seizures. Ofa Mbo Nchama stressed the commission’s role in ensuring authentic compliance, monitoring repatriation of 35% funds.
Read More: Tech Harmony in African Fields, Cultivating Agro Tech with Local Wisdom
Finance Minister assured resolutions to concerns and urged cooperation for success. As the 30-day deadline looms, the oil sector readies for transformative shifts, enhancing transparency and financial adherence. The joint endeavor seeks to streamline operations, enhancing industry integrity. Companies prepare to align with new regulations, shaping the sector’s future.