Library / B 143 Federal Republic of Nigeria Official Gazette No. 52
B 143 Federal Republic of Nigeria Official Gazette No. 52

Page 10 of 31
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(b)  operations of the gas exchange or clearing house are in violation of
the terms and conditions of its licence or authorisation ;
(c) gas exchange or a clearing house is suspected of malpractice with
respect to gas trading and settlement ;
(d)  net worth of the gas exchange or a clearing house reduces at any time
below the specified amount and is not replenished within three months ; or
(e)  gas exchange or a clearing house fails to comply with any directive
of the Authority made in respect of gas trading or settlement.
(3)  The withdrawal of the licence or authorisation shall not affect the
validity of any contract made before the date of withdrawal.
(4)  The Authority may, after consultation with the gas exchange or
clearing house, make such provision as it deems fit in the notice of withdrawal
or in any subsequent communication for the performance or settlement of any
contracts outstanding on that date.
(5)  Upon the revocation of the licence or authorisation of a gas exchange
or a clearing house, the members of such gas exchange or clearing house
shall cease to be members of the gas exchange or clearing house.
20.—(1)  A gas exchange or clearing house shall have its exit scheme
approved by the Authority during the licence or authorisation process, detailing
the manner in which the running contracts on the gas exchange or clearing
house shall be closed or the succession plan for all transacted contracts in
case of closure of the gas exchange or clearing house, and in case of
cancellation or withdrawal of its licence or authorisation in these Regulations.
(2) Such approved exit scheme shall be prescribed in the bye-laws of
the gas exchange or clearing house.
PART III — NET WORTH OF GAS EXCHANGE AND CLEARING HOUSE
21.—(1)  A gas exchange or clearing house shall comply with all financial
requirements as may be specified by the Authority, and appropriate government
regulations applicable for gas exchanges or clearing houses.
(2)  The Authority may, at any time, review such financial requirements
based on risk profile and other factors as it deems necessary.
(3)  A gas exchange or clearing house shall submit to the Authority, an
audited financial statement of accounts not later than 30th April every year
for the preceding financial year.
(4)   An authorised clearing house shall submit to the Authority a certificate
from its auditors or company secretary certifying the shareholding pattern and
compliance with these Regulations during the preceding financial year by 30th
April every year.
Exit  scheme
Financial
requirements