Library / B 173 Federal Republic of Nigeria Official Gazette No. 53
B 173 Federal Republic of Nigeria Official Gazette No. 53

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(g)  ensure that national strategic stocks are maintained in a manner that
guarantees security of storage, supply and distribution value-chain ;
(h)  ensure the integrity and real-time electronic and physical monitoring
of petroleum products maintained as national strategic stocks ;
(i)  mandate that activities within a designated national strategic stock
facility including petroleum products which is the property of the facility
owner shall be accessible to the Authority ; and
(j)  undertake any activity required to maintain the national strategic
stocks.
10.—(1)  The operator of a facility which has been designated as national
strategic stock facility, shall at all times maintain an operating stock and a
dead stock in accordance with guidelines published by the Authority.
(2)  The holder of a licence for the bulk storage of petroleum products
granted by the Authority and designated for national strategic stock, shall
maintain a separate operating stock in accordance with guidelines published
by the Authority.
11.  The Authority shall —
(a)  exercise its special powers under the Act to inquire, inspect, examine
or investigate any business or activity relating to national strategic stocks in
these Regulations where it suspects that illegal operations are going on in
the designated bulk storage facility ;
(b)  at any time enter into licensed bulk storage facility where national
strategic stocks are held, maintained or distributed for the purposes of
inspecting records or the facility ; and
(c) where it is considered necessary, require any person or its agent,
representatives, partners, directors, officer or employee engaged in holding,
maintaining and distribution of national strategic stocks to answer any
question that may be relevant to the inquiry, inspection, examination or
investigation, and provide any required information contained in a computer
hardware or software or any other data storage, processing or retrieval
device or system used in connection with the business or activities relating
to national strategic stocks in these Regulations and the Act.
12.  The Authority shall be responsible for —
(a)  determining the annual budget for administering and maintenance of
the national strategic stock ; and
(b) keeping proper accounts of the income and expenditure for the national
strategic stocks for each fiscal year and causing such accounts to be audited
within six months after the end of each fiscal year.
Maintenance
of operating
and dead
stock
Powers of
the
Authority
Budget and
audit