Incorporation of host communities’ development trust under Petroleum Industry Act | The Guardian Nigeria News - Nigeria and World News

The settlors are companies that have interest in petroleum prospecting licence or petroleum mining lease whose area of operation is located or appurtenant to any community or communities. The incorporation of the Trust is to be done within a particular timeframe stipulated in the PIA.

In this article, we offer insight into the viability of the timeframe by taking into account the possibility of conflict or dispute in the appointment and authorisation of the Trust’s Board of Trustees by the settlors. We suggested a liberal and purposive interpretation of the timeframe provided in the PIA in deserving circumstances.

However, for existing oil prospecting licences, the incorporation of the Trust must be done prior to the application for field development plan. Prior incorporation of the Trust is also required for commencement of commercial operations for licensee of designated facilities granted under the PIA, and the application for field development plan under a petroleum prospecting licence or petroleum mining lease.

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Art as an alternative investment | The Guardian Nigeria News - Nigeria and World NewsArt collection is the systematic accumulation of works of art by private individuals and public institutions such as museum. Historically a close connection exists between private and public collection. Sir Kenneth Clark, British art historian, notes: “When all is said, the world owes private collectors an enormous debt. Without them, many of the greatest works of art would have been lost or destroyed. Our public collections are, to a far larger extent than anyone realises, private collections which have been accumulated and combined.”
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