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Reps to probe NNPC’s assets, liabilities

The House of Representatives yesterday mandated its committees on finance, petroleum resources (upstream), petroleum resources (downstream) and gas resources to conduct investigations into the consolidated inventory, assets, interest and liabilities of the Nigerian National Petroleum Corporation and its subsidiaries to ensure a legitimate transition process of NNPC/NNPC Limited.

The joint committee is to report back within eight weeks for further legislative action. The decision followed the adoption of a motion brought by Rep. Ibrahim A. Isiaka, at the plenary. Presenting the motion, the lawmaker noted that the Nigerian National Petroleum Corporation (NNPC) was established on April 1, 1977, as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Petroleum and Energy Resources. He said the NNPC is empowered to manage the joint venture between the federal government and several foreign multinational corporations with assets and interests on land, swamp, continental shelf and deep waters.

“Aware that in 1988, the NNPC was commercialised into 12 strategic business units covering the entire spectrum of oil industry operations, including exploration and production, gas development, refining, distribution, petrochemicals engineering and commercial investments among others. Also aware that in line with Section 53 (1) of the Petroleum Industry Act (PIA), the Nigerian National Petroleum Company Limited was registered and incorporated by the Corporate Affairs Commission on September 22nd, 2021 as a Limited Liability Company with an initial capital of N200 billion, which was regarded as the highest share capital holding in Nigeria. “Cognisant of Section 53 (3) of the PIA, which vests ownership of the NNPC Limited on the Federal Government through the Ministry of Finance, which are both financed by the Nigerian people, but recognises NNPC limited as an Agent.”

 

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