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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20.  A payment order for any payment out of the Fund for the purpose of investment shall be 
duly signed by the Executive Director of the Fund. 
 
 
Annual reports and disclosures 
 
21.  (1) The Fund shall keep proper accounts and records and shall prepare in respect of 
each financial year – 
 
(a) 
Annual statement of accounts in the form prescribed by the Council; 
 
(b) 
Certified annual audited accounts; and 
 
(c) 
Annual report on the operations of the Fund. 
 
 
(2) The statement of accounts shall specifically include a breakdown for each source of 
funding pursuant to section 52(7) of the Act. 
 
 
(3) The annual report pursuant to Regulation 22(1)(c) shall discuss in detail in respect of 
the financial year – 
 
(a) 
Funds received and the source of funding pursuant to Regulation 22(2) of 
these Regulations; 
 
(b) 
Investments made; 
 
(c) 
Earnings and financial performance from the investments held by the Fund; 
 
(d) 
Quantitative assessment of how the newly made investments and 
investments held by the Fund meet the objectives under section 52(10) of the 
Act, and where applicable section 52(7)(d) of the Act. 
 
(e) 
Costs and expenses of the Fund. 
 
(5) The certified annual audited accounts pursuant to Regulation 22(1)(b) together with the 
report on the operations pursuant to Regulation 22(1)(c) shall be part of the annual report.  
 
(6) The auditor shall be independent and shall have applicable licence issued by a 
competent authority in Nigeria.  The selection and procurement of the audit services shall 
be done by the Fund under the applicable public procurement laws and regulations. 
 
(7) The audited annual financial report by the  auditor shall be accompanied by a report 
setting out the auditors observations and recommendations on all aspects of the accounts of 
the Fund.  
 
(8)  The annual statement of accounts pursuant to Regulation 22(1)(a) shall be submitted 
to the Minister of Finance not later than 90 days after the end of the financial year to which 
they relate. 
 
 
(9) The Fund shall within 180 days after the end of the financial year publish in a public 
domain and keep available to the public on the website of the Fund – 
 
(a) 
Certified annual audited accounts required under Regulation 22(1)(b);