Reps to audit assets, liabilities moved to new NNPC Ltd | Dailytrust

Reps to audit assets, liabilities moved to new NNPC Ltd

The House of Representatives has resolved to set up an ad hoc committee to ascertain the total inventory of assets, interests, and liabilities of the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries transferred to the newly incorporated Nigerian National Petroleum Company (NNPC) Limited.

This was followed the adoption of a motion moved by Ibrahim Isiaka (APC, Ogun) at plenary on Wednesday.

Presenting the motion, he said NNPC was established on April 1, 1977, as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Petroleum and Energy.

He said in line with Section 53 (1) of the Petroleum Industry Act (PIA), NNPC Ltd was registered and incorporated by the Corporate Affairs Commission on September 22, 2021, as a Limited Liability Company with an initial capital of N200 billion, regarded as the highest share capital holding in Nigeria.

He noted that Section 88 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to carry out investigations into matters on which it has powers to make laws.

The Speaker, Femi Gbajabiamila, directed the formation of an ad hoc committee to carry out the investigation and determine the inventories of the assets and liabilities of the defunct NNPC and its subsidiaries transferred to NNPC Ltd.

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