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

Page 24 of 31
B  166
61.  In these Regulations —
“Act” means the Petroleum Industry Act, No. 6 2021 ;
“affiliate” means an associated person in relation to the entity or the
entity in relation to an associated person who —
(a) participates directly or indirectly or through one or more
intermediaries in the management or control or capital of the entity or an
associated person ;
(b)  holds, directly or indirectly, shares carrying not less than 26% of
the voting power in the entity or associated person ;
(c) appoints more than half of the board of directors or members of the
company board, or one or more executive directors or executive members
of the company board of the entity or the associated person ; or
(d)  guarantees not less than 10% of the total borrowings of the entity
or the associated person ;
“Associate” in relation to a person shall include another person —
(a)  who, directly or indirectly, by himself, or in combination with
other persons, exercises control over the first person ;
(b)  who holds control of at least 20% of the total voting power of the
first person ;
(c)  who is a holding company or a subsidiary company of the first
person ;
(d)  who is a relative of the first person as defined in the Companies
and Allied Matters Act, No. 3, 2020 ; or
(e)  in such other cases where the Authority is of the view that a
person shall be considered as an associate based on the facts and factors
including the extent of control, independence, conflict of interest ;
“Authority” means the Nigerian Midstream and Downstream Petroleum
Regulatory Authority ;
“authorisation” means an approval granted by the Authority, in these
Regulations, to an applicant to operate as a clearing house to a gas exchange ;
“automated audit trail” means automated creation and maintenance of
time-sequenced record of transactions (creation, modification or deletion)
in the electronic trading system of gas exchange for reference at later date
and time ;
“base minimum capital” means exposure free deposits to be deposited
by all members of the gas exchange in lieu of the membership ;
“bid” means the electronic document by which a market participant of a
gas exchange submits price and quantity in relation to a contract, for which
it seeks to make a transaction ;
“bye-laws” means the provisions relating to the basic framework
formulated by the gas exchange for the purposes of the management and
trading at the gas exchange, which are duly approved by the Authority ;
Interpretation