#PIBwithJarus
PIB changes NNPC to NNPC Limited.
What's the difference?
The former was established by a special law, NNPC Act 1977 (as amended) and not a company subject to CAMA, the law guiding companies in Nigeria.
The latter is limited liability company subject to CAMA
PIB changes NNPC to NNPC Limited.
What's the difference?
The former was established by a special law, NNPC Act 1977 (as amended) and not a company subject to CAMA, the law guiding companies in Nigeria.
The latter is limited liability company subject to CAMA
It is also a company with shares. Only that the shares will be held by government. So it is still a government company but now a limited liability company.
PIB repeals the NNPC Act.
A major difference between this and the version of PIB worked on in the 8th NASS is, NNPC was
PIB repeals the NNPC Act.
A major difference between this and the version of PIB worked on in the 8th NASS is, NNPC was
to be unbundled into 2 companies, National Petroleum Assets Management Company (NAPAMC - to handle PSC assets of predecessor NNPC) and National Petroleum Company (NPC - to take over NNPC's JV interests).
Both NPC and NAPAMC were to be fully owned by government through the
Both NPC and NAPAMC were to be fully owned by government through the
ministries of Finance and Petroleum and BPE, and 40% of shareholding in NPC to be relinquished to private investors by 10th year.
This was the provision in the PIB version left by the 8th NASS. The 9th NASS (possibly with executive) discarded this and retained the one company
This was the provision in the PIB version left by the 8th NASS. The 9th NASS (possibly with executive) discarded this and retained the one company
structure, only to now be a limited liability company.
That is the version passed.
That is the version passed.
Using the hashtag #PIBwithJarus, will try and explain relevant provisions of the PIB over the next couple of weeks. You may follow to not miss an update 😊
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