Library / Page | 1 MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS REGULATIONS, 2024
Page | 1 MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS REGULATIONS, 2024

Page 53 of 101
 
 
Page | 53 
 
92. The board of directors of a company undertaking midstream and 
downstream petroleum operations shall have a minimum of two-thirds of 
persons with proven knowledge of the specific petroleum operations 
which the company is undertaking. 
Appointment 
of a member 
of the Board  
93. (1) A company shall not appoint any person as managing director or 
chief executive officer of a midstream and downstream petroleum 
company – 
 
(a) who is below the age of twenty-one; 
(b)  who is adjudged as an insolvent; 
(c) who has at any time been convicted of a criminal offence by a 
court of competent jurisdiction; 
(d) who holds the same office in more than one company except in its 
subsidiary company at the same time; 
(e) whose appointment would lead to the contravention of extant 
competition laws and regulations; 
(f) who holds or has held the position of managing director or chief 
executive officer in a company whose licence or permit has been 
was revoked or terminated by the Authority; or 
(g) whose appointment will be against the public interest. 
 
(2)  The appointment of a managing director or chief executive officer 
shall be based on – 
(a) a minimum of 5 years cognate experience with 3 years in the 
particular sector of the midstream and downstream petroleum 
industry; and 
(b) . any other criteria the company may deem relevant and 
appropriate. 
 
(3) The company shall notify the Authority of the managing director or 
chief executive officer’s appointment no later than 96 hours following the 
appointment.  
 
(4) Where the Authority determines that the appointment of a managing 
director or chief executive officer is not in compliance with these 
Regulations, the Authority may, not later than 30 days after notification of 
the appointment –  
(a) direct that the company withdraw the appointment; or 
Appointment 
of managing 
director/chief 
executive 
officer