The President, Major General Muhammadu Buhari (retd.), has transmitted the much awaited Petroleum Industry Bill 2020 to the National Assembly and has proposed the creation of the Nigerian National Petroleum Company Limited.

The bill, which was sighted by our correspondent on Sunday, also proposes the scrapping of the Nigerian National Petroleum Corporation and the Petroleum Products Pricing Regulatory Agency.

The bill states that the NNPC Limited will be incorporated by the Minister of Petroleum, who together with his finance counterparts, will determine NNPC’s assets and liabilities that will be inherited by the new firm.


Section 54(1, 2 and3 )) reads in part, “The Minister (of Petroleum) and the Minister of Finance shall determine the assets, interests and liabilities of NNPC to be transferred to NNPC Limited or its subsidiaries and upon the identification, the minister shall cause such assets, interests and liabilities to be transferred to NNPC Limited.

“Assets, interests and liabilities of NNPC not transferred to NNPC Limited or its subsidiary under subsection 1 of this section shall remain the assets, interests and liabilities of NNPC until they become extinguished or transferred to the government.


“NNPC shall cease to exist after its remaining assets, interests and liabilities other than its interests, assets, and liabilities transferred to NNPC Limited or its subsidiaries under subsection 1 of this section shall have been extinguished or transferred to the government.”

According to Section 53 of the bill, the minister shall “within six months from the commencement of this Act, cause to be incorporated under the Companies and Allied Matters Act, a limited liability company, which shall be called Nigerian National Petroleum Company (NNPC Limited).


“The minister shall be at the incorporation of NNPC Limited, consult with the Minister of Finance to determine the number and nominal value of the shares to be allotted which shall form the initial paid-up share capital of the NNPC Limited and the government shall subscribe and pay cash for the shares.

“Ownership of all shares in NNPC Limited shall be vested in the government at incorporation and held by the Ministry of Finance incorporated on behalf of the government.”


The bill also proposes the establishment of an agency known as the Nigerian Upstream Regulatory Commission which will be responsible for the technical and commercial regulation of upstream petroleum operations.

Section 4 of the bill states in part, “There is established the Nigerian Upstream Regulatory Commission (the commission) which shall be a body corporate with perpetual succession and a common seal.

Impressive

Same thing they criticized Atiku for.

Wonderful, check my signature for side hustle

Arrrrrrrh

I pray it's gone birth a good results.

Good development.
However, hypocrisy, sentiment and tribalism are the bane of our development as a nation.
This was the same thing Atiku said during his campaigns, but most people called for his head.
I am learning a lot about life and human being in this administration.

Connoisseur:
Same thing they criticized Atiku for.

That's true o, when Atiku said he will sell NNPC, everyone screamed

Following

Connoisseur:
Same thing they criticized Atiku for.

there is a difference between scrab and sell

I thought Atiku proposed this in his manifesto? And apc went haywire tagging him all sort of names!


Apc are bunch of hypocript.......anyway....nija matter Don cast since

neoclassical:
Good development.
However, hypocrisy, sentiment and tribalism are the bane of our development as a nation.
This was the same thing Atiku said during his campaigns, but most people called for his head.
I am learning a lot about life and human being in this administration.

No tribalism, He ATIKU would have privatize for himself, steal the money privately and then steal the money alone privately.

If he likes, make he scrape Aso-Rock, its another means of looting funds for another group of Yahoo politicians

princemillla:
I thought Atiku proposed this in his manifesto? And apc went haywire tagging him all sort of names!


Apc are bunch of hypocript.......anyway....nija matter Don cast since

go back and read again,this time slowly,there is no where it suggests the sale of nnpc.if it still means the same thing to you then no one can help you

What are the differences?

Lol. Don't be deceived by this. Nothing they do is done in the interest of the masses. Support the disintegration of Nigeria. It has better promise than any kleptocratic promises they bring.

Nigeria is still going in circles.Scrap NNPC & form a new NNPC again under government control? Deregulate the petroleum downstream sector & allow the market forces to determine the price of petroleum products.

Since NASS are going to stamp it without reading through, it's a welcome development.

joy, check my name for flank excitement

Buhari although he is empty and lifeless he is still better than his supporters... Bloomberg 28th September 2019






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This is one of this government policy that deserve commendation

What you prevented Good-looking Jonathan from doing

Officer4:


That's true o, when Atiku said he will sell NNPC, everyone screamed

Lol, the likes of Atiku will sell for himself and his cronies, I don't trust that man....

Jones4190:
there is a difference between scrab and sell

Different terms, same meaning

any establishment that has the government having a controlling stake/shares may not be development in the right direction.

if the new Oil company has shares that are traded on the Nigerian stock exchange.. where citizens can buy & trade its stocks.. then that is a welcome development and movement in the right direction.

kuuljay:
go back and read again,this time slowly,there is no where it suggests the sale of nnpc.if it still means the same thing to you then no one can help you

What's the difference?

Did u even know NLC has accepted deregulation?