Nigerian National Petroleum Corporation (Projects) Act

Arrangement of Sections

3. or asset of the Corporation.

4. take any other action as it may deem necessary and appropriate for the purposes of a

5. the Nigerian National Petroleum Corporation 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.]

[23 rd August, 1993]

[Commencement.]

Power of Corporation to borrow in any currency, etc.

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”).

this section, the Corporation may borrow any amount of money whatsoever.

may sue and be sued in its corporate name.

Power to give security, etc.

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.

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.

assets set aside by the Corporation for a project and shall not apply to any other account

or asset of the Corporation.

or asset of the Corporation.

3. Power to enter into agreement