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

Page 25 of 31
B 167
“cartelisation” means an act by market participants who amongst
themselves limit or control or attempt to limit or control storage,
transportation, distribution, marketing, sale, price, trade or transaction
in gas ;
“clearing” means the process of determination of obligations of members
of exchange resulting from conclusion of a transaction at the gas exchange ;
“clearing house” means an entity authorised by the Authority that is
established to undertake the activity of clearing and settlement of trades in
a gas exchange ;
“clearing member” means a person having clearing rights in any clearing
house or clearing house of the gas exchange, who may clear and settle
transactions in gas ;
“client” means an entity that has executed an agreement with a member
of a gas exchange or a member of a clearing house for dealing or clearing
through such member ;
“company board” means board of directors of a gas exchange ;
“company” means a company as defined in Companies and Allied
Matters Act, No. 3, 2020. ;
“contract” means any contract, as specified in these Regulations, which
is transacted on the gas exchange ;
“control” includes the right to appoint majority of the directors or to
control the management or policy decisions exercisable by a person or
persons acting individually or in concert, directly or indirectly, including by
virtue of their shareholding or management rights or shareholder’s
agreements or voting agreements or in any other manner provided that a
director or officer of a company shall not be considered to be in control
over the company, merely by virtue of holding such position ;
“day-ahead contract” means contracts where transaction occurs on
day (t) and delivery of gas is on the next day (t +1) ;
“gas” means natural gas, liquified petroleum gas, liquified natural gas,
compressed natural gas, commercial butane, commercial propane and other
gas products ;
“gas aggregator” means a person who aggregates orders for purchase
or sale of gas from various suppliers or buyers and trades through gas
exchange ;
“gas exchange” means an exchange licenced by the Authority in these
Regulations as a market (or gas market) where buyers and sellers (including
aggregators, gas distribution companies, gas transporters, retailers, bulk
consumers, trading licensees) as members or clients transact on contracts
and where the gas exchange or clearing house is counterparty to such
contracts ;