Library / Gas Trading and Settlement Regulations 2023
Gas Trading and Settlement Regulations 2023

Page 26 of 31
B  168
“independent director” shall have the meaning ascribed to it in the
Companies and Allied Matters Act No.3, 2020 ;
“insider” means a person who —
(a)  is or has been, prior to the concerned event, associated with the
gas exchange, directly or indirectly, in any capacity including by reason
of frequent communication with its officers or by being in any contractual,
fiduciary or employment relationship or by being a director, officer or an
employee of the gas exchange or by holding any position including a
professional or business relationship with the gas exchange whether
temporary or permanent, that allows such person, directly or indirectly,
access to unpublished price sensitive information about transactions on
a gas exchange ;
(b) is in possession of or has access to unpublished price sensitive
information about transactions on a gas exchange ; or
(c)  has acquired unpublished price sensitive information by way of
commission of an offence under any of the laws prevalent at such time
in Nigeria ;
“insider trading” means an insider —
(a) utilising for its own purpose, or communicating, providing, or
allowing access to any unpublished price sensitive information, to any
person including other insiders, except where such communication is in
furtherance of legitimate purposes, performance of duties or discharge
of legal obligations ; or
(b) recommending any person, on the basis of unpublished price
sensitive information, to acquire or dispose of any contract on the gas
exchange, to which that information relates ;
“intra-day contract” means contracts where transaction occurs on day
(t) or (t-1) and the delivery of gas is on the day (t) ;
“investigating authority” means a person directed by the Authority to
investigate the affairs of any person being investigated, including its books
of account, and submit a report to the Authority on such investigation ;
“KYC” means know your customer ;
“licence” means a gas trading licence granted by the Authority, to an
applicant, for the purpose of operating a gas exchange ;
“market or gas market” means a forum or platform where buyers and
sellers, through the gas exchange, buy or sell gas ;
“market rules” means the provisions formulated by the gas exchange
and duly approved by the Authority for transparent operations at the gas
exchange ;
“member of gas exchange” means a person who has been admitted as
such by a gas exchange in accordance with these Regulations and in
accordance with the bye-laws and rules of the concerned gas exchange as
applicable ;