Library / B 2103 Federal Republic of Nigeria Official Gazette No. 205
B 2103 Federal Republic of Nigeria Official Gazette No. 205

Page 44 of 82
B  2146
(4)  A licensee or permit holder who wishes to engage in additional midstream
or downstream petroleum activities shall obtain a separate licence or permit for
the specific activity.
(5)  The Authority may publish on its website, a list of activities that constitute
an overlap between upstream, midstream and downstream petroleum operations.
93.  From the commencement of these Regulations, a licensee or permit
holder shall —
(a)  keep separate accounts for each licensed activity it conducts; and
(b)  submit to the Authority, not later than the 31st of March of every year,
the audited financial report of the separated entities for the preceding year.
94.—(1)  A person engaged in more than one stream of petroleum
operations, shall not later than 12 months from the commencement of these
Regulations, register and use a separate company for each stream of
petroleum operations.
(2) The Authority may grant an extension of time not exceeding six months
for compliance with the requirements of this regulation, where the licensee or
permit holder shows reasonable cause.
PART X — CODE OF CONDUCT
95. The Board of Directors of a company undertaking midstream or
downstream petroleum operations shall have at least one member with proven
knowledge of the specific petroleum operations which the company is
undertaking.
96.—(1)  A midstream or downstream company shall not appoint a person
as Chief Executive Officer if the —
(a)  person is adjudged as an insolvent;
(b)  person has been convicted of a criminal offence by a court of competent
jurisdiction;
(c)  appointment may lead to the contravention of extant competition laws
and regulations;
(d)  person holds or has held the position of Chief Executive Officer in a
company whose licence or permit has been revoked by the Authority; or
(e)  appointment is not in the public interest.
(2)  The criteria for the appointment of the Chief Executive Officer
shall be —
(a)  a minimum of two years cognate experience in the particular sector of
the midstream or downstream petroleum industry; and
(b)  any other criteria the company may deem relevant and appropriate.
(3) The company shall notify the Authority in writing of the Chief Executive
Officer’s appointment not later than 21 working days following the appointment.
Separate
accounting
and annual
audit
Licensee or
permit
holder to
register
separate
companies
for
petroleum
operations
Requirements
for Board
composition
Appointment
of Chief
Executive
Officer