AN EXAMINATION OF THE ADMINISTRATION AND ORGANISATIONAL STRUCTURE OF THE NIGERIAN NATIONAL PETROLEUM CORPORATION LIMITED UNDER THE PETROLEUM INDUSTRY ACT, 2021

The landmark Petroleum Industry Act (PIA) of 2021 marked a pivotal moment in the Nigerian oil and gas industry, introducing sweeping reforms and transforming the Nigerian National Petroleum Corporation (NNPC) into a limited liability company (NNPC Limited). This desk-based paper embarks on an analysis of NNPC Limited’s structure and administration in the context of the PIA 2021, dissecting its implications for the company's operation and governance. The paper commences by providing an introduction, tracing the incorporation and shareholding structure and the challenges that necessitated the PIA’s reforms. It then proceeds to herald an examination of the PIA’s provisions pertaining to NNPC Limited, unravelling the intricacies of its ownership, governance and management structure. Moving beyond the structure, it scrutinises NNPC Limited’s administration. It assesses the company’s preparedness to navigate the PIA’s regulatory framework and its ability to serve the interest of over 200 million Nigerians, who are the shareholders. Overall, this research contributes to the existing body of knowledge on NNPC Limited and the petroleum industry in Nigeria. It sheds light on the complexities of its structure and management practices, enabling readers to grasp the intricacies of its operations. The paper serves as a valuable resource for academics, policy makers and industry professionals seeking to gain a deeper understanding of NNPC Limited and its role in the petroleum sector. It concluded by stating that although vital for the modernization and commercialization of Nigeria's oil and gas industry, the move from NNPC to NNPC Limited is not without its challenges. The industry has seen substantial changes as a result of the Petroleum Industry Act (PIA) of 2021, but it has also raised some fundamental implications worthy of careful consideration regarding the efficacy of NNPC Limited, which continued success is deemed largely predicated on the level of commitment exhibited by the government towards ensuring its proper functionality and success.