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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(i) 
Carry out monitoring and evaluation functions, including technical and 
commercial evaluation of proposals for investments by the Fund; 
 
(j) 
Perform assessments, analyses, and forecasts necessary for the activities of 
the Fund; 
 
(k) 
Maintain bank accounts and record all receipts into the Fund and 
disbursements from the Fund; 
 
(l) 
Keep proper accounts and records of the Fund; 
 
(m) 
Prepare and submit for audit financial statements for each financial year; 
 
(n) 
Prepare performance reports on the implementation of activities under the 
Fund; 
 
(o) 
Arrange business meetings of the Council; 
 
(p) 
Provide the Council with information as may be required by the Council; 
 
(q) 
Carry out other functions as the Council may assign from time to time. 
 
 
17.  The Fund may establish and maintain a corporate structure as it may consider necessary 
for the proper and efficient conduct of its business.  
 
Utilisation of the Fund 
 
18. (1) The Executive Director shall not later than 90 days before the end of a financial year 
submit to the Council a proposed investment programme for the next year. 
 
   (2) The programme referred to in Regulation 19(1) shall include – 
 
(a) 
Proposed investments for any financial year, with adequate financial 
justification in terms of return on investments and value addition to the 
expansion of Midstream and Downstream Gas infrastructure in Nigeria; 
 
(b) 
Cost implications associated with the investments referred to in Regulation 19 
2(a); 
 
(c) 
Budget for administrative expenses of the Fund for any year, including 
allowances to members of the Council. 
 
  (3) The Council shall within 30 days of the receipt of the proposal, review and finalise the 
investment programme and authorise the investment(s).  
 
 
19. The investments authorised by the Council shall be in accordance with- 
 
 
(a) 
General criteria for project selection for investments by the Fund; 
 
(b) 
Criteria for investments qualifying as low-risk pursuant to section 52(16) of 
the Act, provided that such investments shall have low probability or 
likelihood of occurrence of losses relative to the funds invested and to 
expected returns on such investments; and 
 
(c) 
Criteria for high-risk investments pursuant to section 52(10)(b) of the Act.