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

Page 56 of 82
B  2158
131.  The Authority shall have power to —
(a)  summon a person undertaking midstream and downstream petroleum
operations for the purpose of investigating a complaint ;
(b)  compel suppliers, gas distributors and petroleum product distributors
to comply with the provisions of these Regulations;
(c)  enter into or cause the ingress into any facility or premises undertaking
midstream and downstream operations for the purpose of inspecting or carrying
out investigations into a complaint made against such a facility; and
(d)  undertake studies and publish reports or provide information on matters
that affect the interest of customers and co-operate with or assist any
association or body of persons in developing and promoting the observance
of standards of conduct for the purpose of ensuring compliance with the
provisions of these Regulations.
PART XV — PETROLEUM LIQUIDS TRADING AND SETTLEMENT
132.—(1)  A person shall not establish or operate a commodities exchange
for trading in petroleum liquids without a petroleum liquids trading licence granted
by the Authority in accordance with these Regulations.
(2)  A person shall not act as a clearing house of a commodities exchange
for the trading of petroleum liquids without the prior authorisation of the Authority.
(3)  A qualified person under these Regulations shall only be entitled to
participate in a commodities exchange for the trading of petroleum liquids where
the person holds a valid and appropriate licence or permit granted by the Authority.
133.  An application for a petroleum liquids trading licence or clearing
house authorisation shall be submitted to the Authority in the manner prescribed
by the Authority.
134.—(1)  An application for a petroleum liquids trading licence in these
Regulations shall comply with the rules of the Securities and Exchange
Commission in relation to commodities trading.
(2)  An applicant for a petroleum liquids trading licence shall —
(a)  be a company limited by shares;
(b)  be demutualised;
(c)  ensure its directors are fit and proper persons as specified in these
Regulations;
(d) satisfy the requirements relating to the ownership and governance
structure specified in these Regulations and other appropriate government
regulations;
(e)  satisfy financial and technical capabilities;
(f )  have the necessary infrastructure for the orderly execution of trades;
(g)  have an online screen-based trading system;
Customer
protection
Duty to
obtain
licence or
authorisation
Application
for licence or
authorisation
Conditions
for granting a
petroleum
liquids
trading
licence