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

Page 45 of 82
B 2147
(4)  Where the Authority determines that the appointment of a Chief
Executive Officer is not in compliance with these Regulations, the Authority
may—
(a)  direct the company to withdraw the appointment; or
(b)  specify further terms and conditions in respect of the appointment,
which may include a probationary period not exceeding one year.
(c) impose an administrative penalty on the company.
(5)  The Authority may, by notice, specify the categories of companies to
which this regulation shall apply.
97.—(1)  A company undertaking midstream and downstream petroleum
operations shall —
(a)  establish a code of business conduct and ethics and disclose in the
code, such information and practices necessary to maintain confidence in its
operations;
(b)  disclose the beneficial owner of the company to the Authority in the
manner prescribed by the Companies and Allied Matters Act;
(c)  prevent anti-competitive behaviour in its operations;
(d)  register and use a separate company for each stream of petroleum
operation under the Act;
(e)  ensure that licensed activities between it and its affiliate are undertaken
in a manner that the transfer pricing between both entities is transparent, on
an arm’s length basis and in accordance with the pricing principles prescribed
in the Act; and
(f )  not, except with the prior authorisation of the Authority, release from
its employment, senior or management staff of the company
(2)  The code of business conduct and ethics in this regulation shall take
into account the legal obligations and reasonable expectations of the company’s
stakeholders, as well as the responsibility and accountability of individuals
reporting on issues of unethical practices.
(3)  The code shall be reviewed at least once every five years, provided
that the Authority may direct further reviews of the code prior to the expiration
of the five-year period.
98.   A midstream or downstream petroleum company shall ensure adequate
stakeholder communication and engagement by having stakeholder forums, at
least once a year, where stakeholders and customers are encouraged to express
their concerns on the operations of the company.
Business
conduct and
ethics
Stakeholder
communica-
tion