Petroleum Industry Act (PIA) and NNPC Ltd Quiz

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Questions and Answers

What is the name of the company that has fully taken over from the Nigerian National Petroleum Corporation (NNPC)?

Nigerian National Oil Corporation (NNOC)

Nigeria Petroleum Holdings (NPH)

National Oil and Gas Corporation (NOGC)

Nigerian National Petroleum Company (NNPC) Limited (correct)

Who announced the end of the Nigerian National Petroleum Corporation (NNPC)?

Group Chief Executive Officer of the NNPC Ltd, Malam Mele Kyari

Chairman of the PIA Implementing Steering Committee

President of Nigeria

Minister of State, Petroleum Resources Timipre Sylva (correct)

What is the long stop date mentioned in the article in relation to the transfer of assets, interests, and liabilities after the enactment of the Petroleum Industry Act (PIA)?

24 months

36 months

18 months (correct)

12 months

Who is the chairman of the PIA Implementing Steering Committee mentioned in the article?

Timipre Sylva Signup and view all the answers

What task did Minister of State, Petroleum Resources Timipre Sylva give to NNPC Ltd in his speech?

Revamping the moribund refineries and battling oil theft successfully Signup and view all the answers

Who highlighted the prospects that come with the Nigerian National Petroleum Company (NNPC) Limited?

Malam Mele Kyari Signup and view all the answers

Where was the final cut over ceremony for the transformation of NNPC into NNPC Ltd held?

NNPC towers in Abuja Signup and view all the answers

What did Minister of State, Petroleum Resources Timipre Sylva describe February 16, 2023 as?

The date when NNPC ceased to exist Signup and view all the answers

What is the name of the Group Chief Executive Officer of NNPC Ltd?

Malam Mele Kyari Signup and view all the answers

What is the primary purpose of the relaunch of NNPC as NNPC Limited?

To eliminate NNPC's dependence on government support Signup and view all the answers

What is one of the requirements for NNPC Limited as per the Petroleum Industry Act (PIA)?

To pay fees, rents, royalties, and taxes to the government Signup and view all the answers

What is one of the initial steps taken in implementing the PIA?

Formation of a new government regulatory body Signup and view all the answers

What is the timeframe given to the Minister of Petroleum and Finance for transferring assets, interests, and liabilities of NNPC to NNPC Limited as per the PIA?

18 months Signup and view all the answers

What is an upcoming requirement for PIA implementation mentioned in the text?

Creation and funding of host community development trusts Signup and view all the answers

What is the impact of the relaunch on NNPC's dependence on government support?

NNPC's dependence on government support decreases Signup and view all the answers

What happens to NNPC careers in accordance with the PIA?

They end in accordance with the PIA and an appropriate government circular Signup and view all the answers

What does the PIA grant the government in relation to NNPC Limited?

Ownership of all shares in NNPC Limited and control over management selection Signup and view all the answers

What monthly expenditure does NNPC have on petrol subsidy, as mentioned in the text?

N400bn Signup and view all the answers

What did NNPC Limited's relaunch accomplish as per the text?

Independence from government support achieved Signup and view all the answers

According to the passage, what is the basis for the appointment of the CEO and CFO of NNPC Limited?

Distinct terms and conditions of Service as stipulated by the Petroleum Industry Act 2021 Signup and view all the answers

What is the tenure for the appointment of the Group CEO and CFO of NNPC Limited as per the provisions of the Act?

5 years Signup and view all the answers

What is the focus of NNPC Limited as mentioned in the passage?

Sustainable value creation Signup and view all the answers

What is the distinction made by the Circular issued by the Head of the Civil Service of the Federation between tenured appointments and career officers?

The need to retire from service to run their tenure uninterrupted Signup and view all the answers

What action did Mallam Mele Kyari and Mr. Umar Ajiya take in relation to their previous employment with the Corporation?

They resigned from the old Corporation Signup and view all the answers

What is NNPC Limited positioned to lead according to Mele Kyari (Group CEO, NNPC Limited)?

Africa's gradual transition to new energy Signup and view all the answers

What does the Circular issued by the Head of the Civil Service of the Federation recognize about appointments as Chief Executives of Government-Owned Companies?

"Tenured appointments" as distinct from career officer positions Signup and view all the answers

In what way does the passage describe NNPC Limited's role in relation to sustainable value creation?

Focus on sustainable value creation Signup and view all the answers

What does the passage suggest about the compensation and gratuity paid by NNPC?

"NNPC compensation does not pay gratuity into billions" Signup and view all the answers

What is the purpose of NNPC Limited as mentioned in the passage?

To deepen natural gas production and positively change energy poverty at home and around the world Signup and view all the answers

Study Notes

Nigerian National Petroleum Corporation (NNPC) officially relaunched as NNPC Limited, a wholly owned government entity, as mandated in Nigeria's Petroleum Industry Act (PIA).
NNPC Limited is expected to operate as a commercial entity and publish annual reports, audited accounts, and declare dividends to its shareholders, the Nigerian government.
The new NNPC Limited is no longer dependent on government support and is intended to have independence and raise its own funds.
The PIA grants the government ownership of all shares in NNPC Limited and control over the selection of its management team.
NNPC spends approximately N400bn monthly on petrol subsidy, which translates to N202 per litre of petrol.
NNPC Limited is required to pay its share of all fees, rents, royalties, profit oil shares, and taxes to the government.
The Minister of Petroleum and Finance have 18 months from the effective date of the PIA to determine and transfer the assets, interests, and liabilities of NNPC to NNPC Limited.
The PIA was signed into law in 2021, and some initial progress in implementing the PIA has been made, such as the formation of the Nigerian Upstream Petroleum Regulatory Commission and the appointment of NNPC Limited's chair and CEO.
Some upcoming requirements for PIA implementation include the creation and funding of host community development trusts and the opening of abandonment escrow accounts and preparation of abandonment plans.
The process for transferring NNPC's assets, interests, and liabilities to NNPC Limited remains unclear, although any pending proceedings will be enforced or continued against NNPC Limited.
NNPC careers of the Group Managing Director and Group Executive Director ended in accordance with the PIA and an appropriate government circular.

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Description

Test your knowledge about the Petroleum Industry Act (PIA) 2021 and the establishment of the Nigerian National Petroleum Company (NNPC) Limited with this quiz. Stay updated on the latest developments in the Nigerian petroleum industry.