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Under Nigerian law, the authority to allot shares is vested in the company which may delegate it to the directors subject to any conditions or directions that may be imposed by the company’s articles of association or from time to time by the company in a general meeting.This power may be utilized by allotting shares for value to new shareholders, issuance of bonus shares to existing members or allotment of shares to existing members via a rights issue.
Nigeria's Petroleum Industry Governance Bill (PIGB) was recently passed by the National Assembly and forwarded to President Buhari for his assent. The Bill proposes to reform the Nigerian petroleum industry governing institutional framework by amongst others, setting up an independent regulatory agency, unbundling the NNPC into two limited liability companies and setting specific policy roles for the Minister of Petroleum Resources. Energy Partner, Dr.