Section 6: Powers of the Corporation.

(1) The Corporation shall have powers to do anything which in its opinion is calculated to facilitate the carrying out of its duties under this Act including, without limiting the generality of the following, the power to-
(a) hold, manage and alienate movable and immovable property;
(b) purchase or otherwise acquire or take over all or any of the assets, business, properties, privileges, contracts, rights, obligations and liabilities of any other company, firm or person in furtherance of any business engaged in by the Corporation
(c) enter into contracts or partnerships with any company, firm or person which in the opinion of the Corporation will facilitate the discharge of the said duties under this Act;
(d) establish and maintain subsidiaries for the discharge of such functions as the Corporation may determine; and
(e) train managerial, technical and such other staff for the purpose of the running of its operations and for the petroleum industry in general.
(2) Notwithstanding subsection (1) of this section, any contract relating to any project of a value of more than N5,000,000 (or such higher limit as may be directed, from time to time, by the National Council of Ministers) shall be referred by the Corporation to the National Council of Ministers for approval before the award of any such contract is made by the Corporation.