NIGERIAN NATIONAL PETROLEUM CORPORATION (PROJECTS) ACT
CENTER FOR LAWS OF NIGERIA: FEDERAL LAWS
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LAWS OF THE FEDERATION OF NIGERIA
NIGERIAN NATIONAL PETROLEUM CORPORATION (PROJECTS) ACT
ARRANGEMENT OF SECTIONS
- Power of Corporation to borrow in any currency, etc.
- Power to give security, etc.
- Power to enter into agreement.
- Interpretation.
- Short title.
NIGERIAN NATIONAL PETROLEUM CORPORATION (PROJECTS) ACT
An Act to empower the Nigerian National Petroleum Corporation to borrow money in any currency for the purposes of executing an approved project.
[23rd August, 1993] [Commencement.]
1. Power of Corporation to borrow in any currency, etc.
(1) Notwithstanding anything to the contrary contained in any law or enactment, the Nigerian National Petroleum Corporation (in this Act referred to as “the Corporation”) shall be empowered, subject to the provisions of this Act, to borrow money in any currency and on such terms and conditions as the Board of the Corporation may deem necessary to carry out an approved project (in this Act referred to as “a project”).
(2) In the exercise of the powers conferred on the Corporation by subsection (1) of this section, the Corporation may borrow any amount of money whatsoever.
(3) For the purposes of giving effect to the provisions of this Act, the Corporation may sue and be sued in its corporate name.
- Power to give security, etc.
(1) The Corporation may, for the purposes of receiving any loan for carrying out the purposes of a project, pledge any of the money, revenue, assets of the Corporation and may create escrow accounts outside Nigeria from which shall be repaid any capital and interest on any amount of money received by the Corporation for the purposes of giving effect to the project.
(2) Notwithstanding anything to the contrary contained in any other law or enactment, any obligation imposed on the Corporation, or on the receipt of any money for a project or in the exercise of the powers conferred on it by this Act shall be enforceable by ordinary legal process, execution, attachment or any other process in the nature of an attachment.
(3) The provision of subsection (1) of this section shall only apply to accounts and assets set aside by the Corporation for a project and shall not apply to any other account or asset of the Corporation.
- Power to enter into agreement
(1) The Corporation may enter into any agreement or arrangement with any person or take any other action as it may deem necessary and appropriate for the purposes of a project or giving effect to the provisions of this Act.
(2) In this section, “person” means any body corporate or unincorporate.
- Interpretation
In this Act, unless the context otherwise requires—
“Corporation” means the Nigerian National Petroleum Corporation established by the Nigerian National Petroleum Corporation Act;
“project” means an approved project embarked upon by the Corporation.
- Short title
This Act may be cited as the Nigerian National Petroleum Corporation (Projects) Act.
NIGERIAN NATIONAL PETROLEUM CORPORATION (PROJECTS) ACT
SUBSIDIARY LEGISLATION
No Subsidiary Legislation
