Section 1: Establishment of the Nigerian National Petroleum Corporation

(1) There shall be established a corporation by the name of the Nigerian National Petroleum Corporation (in this Act referred to as "the Corporation") which shall be a body corporate with perpetual succession and a common seal and may sue or be sued in its corporate name.
(2) The affairs of the Corporation shall, subject to Part II of this Act, be conducted by a Board of Directors of the Corporation which shall consist of a chairman and the following other members, that is-
(a) the Permanent Secretary, Federal Ministry of Finance;
(b) the Managing Director of the Corporation; and
(c) three persons to be appointed by the presiddent, being persons who by reason of their ability, experience or specialised knowledge of the oil industry or of business or professional attainments are capable of making useful contributions to the work of the Corporation.
(3) The chairman shall be a Minister in the Government of the Federation to be known and styled as the Minister of Petroleum Resources.
(4) The supplementary provisions set out in the First Schedule to this Act shall have effect with respect to the tenure of office of the members of the Board (other than the chairman), proceedings of the Board, certain duties of the members thereof and the other matters mentioned therein.
[First Schedule]