NIGERIAN NATIONAL PETROLEUM CORPORATION ACT

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NIGERIAN NATIONAL PETROLEUM CORPORATION ACT

CHAPTER N123 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004

[EDITOR’S NOTE: This Act has been slated for repeal under s. 310(1)(e) of the Petroleum Industry Act, 2021 upon the happening of the event outlined under s. 54(3) of the same Act]

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EXPLANATORY MEMORANDUM

An Act to dissolve the Nigerian National Oil Corporation and to establish the Nigerian National Petroleum Corporation empowered to engage in all commercial activities relating to the Petroleum industry and to enforce all regulatory measures relating to the general control of the Petroleum sector through its Petroleum Inspectorate department.

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ARRANGEMENT OF SECTIONS

Part I – Establishment of the corporation

1.      Establishment of the Nigerian National Petroleum Corporation.

2.      Alternate Chairman.

3.     Managing Director and Secretary.

4.     Staff generally.

5.     General duties of the Corporation.

6.     Powers of the Corporation.

7.     Financial provisions.

8.     Borrowing powers.

9.     Disposal of surplus funds.

Part II-  Petroleum Inspectorate

10.    Petroleum Inspectorate.

11.    Head of Inspectorate to be appointed by the Minister, etc.

Part III – Legal Proceedings

12.    Limitation of suits against the Corporation, etc.

13.    Service of documents.

14.    Restriction on execution against the property of the Corporation.

15.    Indemnity of members of the Board and employees of the Corporation.

Part IV – Miscellaneous and Supplementary

16.    Certain exemptions from rates, etc.

17.    Regulation of public access to Corporation’s premises.

18.    Protection of certain rights.

19.    Annual reports.

20.    Application of certain enactments.

21.    Protection of Corporation’s land.

22.    Interpretation

23.    Short title and repeal. 

First Schedule – Supplementary provisions relating to tenure of office, etc. of members of the board

Second Schedule – Transitional provisions

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NIGERIAN NATIONAL PETROLEUM CORPORATION ACT

An Act to dissolve the Nigerian National Oil Corporation and to establish the Nigerian National Petroleum Corporation empowered to engage in all commercial activities relating to the Petroleum industry and to enforce all regulatory measures relating to the general control of the Petroleum sector through its Petroleum Inspectorate department.

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[COMMENCEMENT]        [1^st April 1977]

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ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)