A joint stock company or a public limited liability company is that form of business organization in which the liability of the shareholders is limited to the amount of capital they contributed and the unpaid part of the capital allotted to them. It must have a minimum of seven members but no maximum membership is prescribed for it.

The Great Nigerian People’s Party (GNPP) was formed towards the end of 1978 by a splinter group which broke away from the NPP following the entry of Dr. Azikiwe into the presidential race on the platform of the NPP in 1978. The GNPP was led by Alhaji Waziri Ibrahim; a former NPC stalwart With a liberal orientation who himself had presidential ambition. The party was therefore fashioned to achieve this objective.