Podcast
Questions and Answers
What is the name of the company that has fully taken over from the Nigerian National Petroleum Corporation (NNPC)?
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)?
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)?
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?
Who is the chairman of the PIA Implementing Steering Committee mentioned in the article?
What task did Minister of State, Petroleum Resources Timipre Sylva give to NNPC Ltd in his speech?
What task did Minister of State, Petroleum Resources Timipre Sylva give to NNPC Ltd in his speech?
Who highlighted the prospects that come with the Nigerian National Petroleum Company (NNPC) Limited?
Who highlighted the prospects that come with the Nigerian National Petroleum Company (NNPC) Limited?
Where was the final cut over ceremony for the transformation of NNPC into NNPC Ltd held?
Where was the final cut over ceremony for the transformation of NNPC into NNPC Ltd held?
What did Minister of State, Petroleum Resources Timipre Sylva describe February 16, 2023 as?
What did Minister of State, Petroleum Resources Timipre Sylva describe February 16, 2023 as?
What is the name of the Group Chief Executive Officer of NNPC Ltd?
What is the name of the Group Chief Executive Officer of NNPC Ltd?
What is the primary purpose of the relaunch of NNPC as NNPC Limited?
What is the primary purpose of the relaunch of NNPC as NNPC Limited?
What is one of the requirements for NNPC Limited as per the Petroleum Industry Act (PIA)?
What is one of the requirements for NNPC Limited as per the Petroleum Industry Act (PIA)?
What is one of the initial steps taken in implementing the PIA?
What is one of the initial steps taken in implementing the PIA?
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?
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?
What is an upcoming requirement for PIA implementation mentioned in the text?
What is an upcoming requirement for PIA implementation mentioned in the text?
What is the impact of the relaunch on NNPC's dependence on government support?
What is the impact of the relaunch on NNPC's dependence on government support?
What happens to NNPC careers in accordance with the PIA?
What happens to NNPC careers in accordance with the PIA?
What does the PIA grant the government in relation to NNPC Limited?
What does the PIA grant the government in relation to NNPC Limited?
What monthly expenditure does NNPC have on petrol subsidy, as mentioned in the text?
What monthly expenditure does NNPC have on petrol subsidy, as mentioned in the text?
What did NNPC Limited's relaunch accomplish as per the text?
What did NNPC Limited's relaunch accomplish as per the text?
According to the passage, what is the basis for the appointment of the CEO and CFO of NNPC Limited?
According to the passage, what is the basis for the appointment of the CEO and CFO of NNPC Limited?
What is the tenure for the appointment of the Group CEO and CFO of NNPC Limited as per the provisions of the Act?
What is the tenure for the appointment of the Group CEO and CFO of NNPC Limited as per the provisions of the Act?
What is the focus of NNPC Limited as mentioned in the passage?
What is the focus of NNPC Limited as mentioned in the passage?
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?
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?
What action did Mallam Mele Kyari and Mr. Umar Ajiya take in relation to their previous employment with the Corporation?
What action did Mallam Mele Kyari and Mr. Umar Ajiya take in relation to their previous employment with the Corporation?
What is NNPC Limited positioned to lead according to Mele Kyari (Group CEO, NNPC Limited)?
What is NNPC Limited positioned to lead according to Mele Kyari (Group CEO, NNPC Limited)?
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?
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?
In what way does the passage describe NNPC Limited's role in relation to sustainable value creation?
In what way does the passage describe NNPC Limited's role in relation to sustainable value creation?
What does the passage suggest about the compensation and gratuity paid by NNPC?
What does the passage suggest about the compensation and gratuity paid by NNPC?
What is the purpose of NNPC Limited as mentioned in the passage?
What is the purpose of NNPC Limited as mentioned in the passage?
Flashcards
NNPC's replacement
NNPC's replacement
Nigerian National Petroleum Company (NNPC) Limited
End of NNPC
End of NNPC
February 16, 2023, the date NNPC ceased to exist.
Asset transfer timeframe
Asset transfer timeframe
18 months after PIA enactment.
PIA Implementing Steering Committee Chair
PIA Implementing Steering Committee Chair
Signup and view all the flashcards
NNPC Ltd's refinery task
NNPC Ltd's refinery task
Signup and view all the flashcards
NNPC Ltd's prospects
NNPC Ltd's prospects
Signup and view all the flashcards
Relaunch ceremony location
Relaunch ceremony location
Signup and view all the flashcards
NNPC Ltd purpose
NNPC Ltd purpose
Signup and view all the flashcards
NNPC Ltd's financial obligations
NNPC Ltd's financial obligations
Signup and view all the flashcards
PIA's initial action
PIA's initial action
Signup and view all the flashcards
Minister's transfer timeframe
Minister's transfer timeframe
Signup and view all the flashcards
Upcoming PIA requirement
Upcoming PIA requirement
Signup and view all the flashcards
NNPC Ltd's impact on dependence
NNPC Ltd's impact on dependence
Signup and view all the flashcards
Impact on NNPC careers
Impact on NNPC careers
Signup and view all the flashcards
Government's role in NNPC Ltd
Government's role in NNPC Ltd
Signup and view all the flashcards
NNPC's monthly expenditure
NNPC's monthly expenditure
Signup and view all the flashcards
NNPC Ltd's relaunch outcome
NNPC Ltd's relaunch outcome
Signup and view all the flashcards
CEO/CFO appointment basis
CEO/CFO appointment basis
Signup and view all the flashcards
CEO/CFO appointment tenure
CEO/CFO appointment tenure
Signup and view all the flashcards
NNPC Ltd focus
NNPC Ltd focus
Signup and view all the flashcards
Civil Service Circular distinction
Civil Service Circular distinction
Signup and view all the flashcards
Kyari and Ajiya's action
Kyari and Ajiya's action
Signup and view all the flashcards
NNPC Ltd's leadership role
NNPC Ltd's leadership role
Signup and view all the flashcards
Civil Service Circular recognition
Civil Service Circular recognition
Signup and view all the flashcards
NNPC Ltd's value creation
NNPC Ltd's value creation
Signup and view all the flashcards
NNPC compensation
NNPC compensation
Signup and view all the flashcards
NNPC Limited primary purpose
NNPC Limited primary purpose
Signup and view all the flashcards
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.