The Complete 2004 Laws of Nigeria

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NIGERIAN NATIONAL PETROLEUM CORPORATION (PROJECTS) ACT

ARRANGEMENT OF SECTIONS

SECTION

  1. Power of Corporation to borrow in any currency, etc.
  2. Power to give security, etc.
  3. Power to enter into agreement.
  4. Interpretation.
  5. 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.

[1993 No. 94.]

[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.

  1. 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.

3. 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.

4. Interpretation

In this Act, unless the context otherwise requires-

"Corporation" means the Nigerian National Petroleum Corporation established by
the Nigerian National Petroleum Corporation Act;

[Cap. N123.]

"project" means an approved project embarked upon by the Corporation.

5. Short title

This Act may be cited as the Nigerian National Petroleum Corporation (Projects) Act.

 

                        SUBSIDIARY LEGISLATION

                      No Subsidiary Legislation