Library / Midstream Petroleum (Host Communities Development Trust) Regulations 2024
Midstream Petroleum (Host Communities Development Trust) Regulations 2024

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(4)  Where a licensee fails to remove a trustee as specified under
these Regulations or any applicable law, the licensee is liable to pay an
administrative penalty of N100,000 for every day the disqualified trustee
continues to hold office.
(5)  A licensee is deemed to have notice of any matter which disqualifies
a trustee under these Regulations where such matters are publicly known or
ought to have been known by the trustees or the licensee.
(6)  A licensee shall within 14 days of removal of a trustee on grounds of
disqualification, notify the Authority of such removal and provide the Authority
with supporting documents evidencing the grounds for such disqualification
and removal.
(7)  The licensee shall, within 30 days of the removal of a trustee, take
immediate step to replace the trustee.
(8)  A trustee is deemed to have vacated office upon disqualification as
a trustee in accordance with these Regulations and shall not participate in the
activities of the Board of Trustees.
17.—(1)
A trustee may resign from office voluntarily at any time by
giving 21 days notice of resignation to the licensee.
(2)  The licensee shall notify the Authority of the voluntary resignation
of a trustee, not later than 21 days from the date of submission of the
resignation letter.
PART IV — HOST COMMUNITIES’ DEVELOPMENT TRUST COMMITTEES
18.—(1)
The Board of Trustees shall, not later than 30 days of the
establishment of the trust, set up and appoint members of the management
committee and notify the Authority within 30 days of the appointment.
(2)  The management committee shall comprise —
(a)  a representative of each host community, nominated by the relevant
host community as a non-executive member;
(b)  five executive members, who shall include —
(i)  a person qualified to practice as an accountant in Nigeria, with not
less than 5 years’ experience as a practicing accountant in Nigeria,
(ii)  a contract and procurement professional with not less than 5
years’ experience,
(iii)  a person, qualified to practice in Nigeria as an engineer with not
less than 5 years’ experience, and
(iv)  any other person as may be determined by the Board of Trustees.
Resignation
by a trustee
Management
Committee
for the Host
Communities
Development
Trust