Library / B 143 Federal Republic of Nigeria Official Gazette No. 52
B 143 Federal Republic of Nigeria Official Gazette No. 52

Page 23 of 31
B 165
(2)  There shall be specified channels through which information shall be
communicated and an audit trail of the specified channels.
(3)   Any confidential documents or information provided to non-executive
directors shall be properly recorded and retained for a minimum period of
seven years.
(4)  All information, especially which is non-public and price sensitive,
shall be kept confidential and shall not be used for any personal consideration
or gain.
(5)  Any information relating to the business or operations of the gas
exchange or clearing house, which may come to the knowledge of directors
or key management personnel during performance of their duties shall be held
in strict confidence and shall not be divulged by them to any third party and
not used in any manner except for the performance of their duties.
55.  The board of directors and committee members shall not abuse
their position to obtain business or any pecuniary benefit in the organisation
for themselves or their family members.
56.—(1)  A gas exchange shall ensure the establishment of an oversight
committee to undertake the exchange’s regulatory functions outlined in these
Regulations.
(2) The oversight committee shall lay down procedures for the
implementation of these Regulations and specify reporting formats for the
disclosures required under these Regulations.
(2)  The gas exchange shall appoint a compliance officer who shall
ensure that the disclosures required in these Regulations are complied with.
57. Where there is a conflict between these Regulations and any other
regulation in respect of gas trading and settlement, these Regulations in
accordance with the powers of the Authority under the Act, shall prevail.
58.  The fees in the First Schedule to these Regulations shall be applicable
to gas trading licences and clearing house authorisations in Nigeria.
59.  The Authority may issue guidelines, rules and directives for the
effective implementation of these Regulations.
60. Parties to a gas supply, purchase and transportation agreement in
existence prior to the commencement of these Regulations may by mutual
agreement exclude the terms of such agreement from the gas exchange.
Misuse of
position
Oversight
committee to
lay down
procedures
Supremacy
of
regulations
Fees
First
Schedule
Exclusions
Authority
to issue
guidelines