Library / Midstream and Downstream Gas Infrastructure Fund Regulations Under Section 52 Petroleum Industry Act (2021). DRAFT DATE: 10/06/2022

Midstream and Downstream Gas Infrastructure Fund Regulations Under Section 52 Petroleum Industry Act (2021). DRAFT DATE: 10/06/2022

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Administration 
 
10.  The common seal of the Fund shall be authenticated by the signature of the Chairman 
(or another member authorised by the Council to act in that behalf) and that of the Secretary 
to the Council. 
 
11.  Any document executed under the common seal or on behalf of the Fund shall be received 
in evidence and presumed to be so executed unless the contrary is proved.  
 
Administrative expenditures and investment of the Fund 
 
12. The Council shall maintain accounts with the Central Bank of Nigeria for its administrative 
expenditures and for its investment into which funds appropriated for its administration and 
investments shall be released. 
 
13. The accounts shall be interest-bearing, and any accrued interest shall become part of the 
earnings of the Fund and shall be treated as part of its investible funds. 
 
14. The monies of the Fund shall not be subject to taxes under the applicable laws. 
 
 
Management of projects by the Fund 
 
15. The Executive Director, Midstream and Downstream Gas Infrastructure Fund shall have 
administrative responsibility for the management of projects by the Fund. 
 
Operations of the Fund  
 
16.  The Fund shall be staffed with appropriate number of employees with  necessary  capacity 
and technical expertise to administer the investments held by the Fund and implement the 
objectives of the Fund pursuant to section 52(10) of the Act, including – 
 
(a) 
Perform the day-to-day management and administration of the Fund in 
accordance with the decisions of the Council; 
 
(b) 
Organise and execute all administrative duties; 
 
(c) 
Develop for approval of the Council, all policies and procedures, for the proper 
running of the Fund; 
 
(d) 
Execute the policies and measures approved by the Council; 
 
(e) 
Develop the annual work and formulate annual appropriate investment 
programme of the Fund and submit them for approval by the Council; 
 
(f) 
Develop annual administrative budget of  the Fund and submit it for approval 
by the Council; 
 
(g) 
Prepare financial agreements related to the specific financial instrument to be 
concluded with third parties as part of the implementation of the activities of 
the Fund; 
 
(h) 
Monitor the financial risks of the investment portfolio of the Fund;