A report by PricewaterHouse Coopers has hailed a provision in the new Petroleum Industry Act , which allows for continuation of existing court cases against the Nigerian National Petroleum Corporation , when the corporation is fully commercialised in the coming months.
“The provision that court cases instituted against NNPC will continue against NNPC limited will be of comfort to investors who want to acquire companies or assets which have outstanding receivables or other unreceived issues with the NNPC. It further maintained that incorporating a Joint Venture as a distinct entity will resolve many of the issues with the existing structure of the joint operating agreements including failure of the NNPC to fulfil cash call obligations, difficulty in making decisions and getting approvals from the NNPC due to the government’s bureaucratic processes.