On August 7, 2024, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, NNPC CEO Mele Kyari, and Minister of Petroleum Heineken Lokpobiri testified before a Senate Adhoc committee investigating alleged economic sabotage in Nigeria’s petroleum industry. Senate Chairman Senator Opeyemi Bamidele warned that the investigation would scrutinize all involved parties, focusing on compliance with the Petroleum Industry Act and the transparency of NNPCL’s Direct Sale and Direct Purchase arrangements.
In related news, Cardoso addressed concerns about Nigeria’s high interest rates, currently at 30%. He clarified that the rates are set by the CBN’s Monetary Policy Committee (MPC) based on data, not individual decisions. Despite criticisms from figures like Aliko Dangote and Peter Obi, Cardoso assured that interest rates would eventually decrease as economic conditions improve.
