IBILE OIL AND GAS CORPORATION LAW

 

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  
A- C G – K M – I R – T
D – F L – L P – P U – Z

IBILE OIL AND GAS CORPORATION LAW

ARRANGEMENT OF SECTIONS

1.       Establishment of IBILE Oil and Gas Corporation

2.       Powers of the Corporation

3.       Establishment and Composition of the Governing Board of the Corporation

4.       Powers of the Board

5.       Tenure of Office of Members

6.       Remuneration and Allowances of Members of the Board

7.       Cessation of Office of Board Members

8.       Filling of Vacancy

9.       Proceedings

10.     Meetings

11.     Quorum

12.     Voting

13.     Appointment and Tenure of Managing Director

14.     Functions of the Managing Director

15.     The Secretary/Legal Adviser

16.     Departments of the Corporation

17.     Staff of the Corporation

18.     Power to Co-opt

19.     Remuneration of Officers

20.     Pension Rights

21.     Funds of the Corporation

22.     Power to Borrow Money

23.     Financial Provisions

24.     Seal of the Corporation

25.     Indemnity of Members of the Board and Employees of the Corporation

26.     Power to make Regulations

27.     Interpretation

28.     Citation and Commencement

IBILE OIL AND GAS CORPORATION LAW

[Commencement]                  

THE LAGOS STATE HOUSE OF ASSEMBLY enacts as follows:

1.       Establishment of IBILE Oil and Gas Corporation

(1)     There is established the IBILE Oil and Gas Corporation (referred to in this Law as “„the Corporation”„).

(2)     The Corporation shall-

(a)     be a body corporate with perpetual succession and a common seal;

(b)     have power to sue and be sued in its corporate name; and (c)     be capable of acquiring, holding and disposing of properties, movable or immovable for the purpose of carrying out its functions under this Law.

2.       Powers of the Corporation

The Corporation has powers to-

(a)      engage in all oil and gas upstream activities, including Exploration, Drilling and Production;

(b)      invest in a company or a consortium for the purpose of participating in oil and gas bid rounds and seeking marginal fields allocation;

(c)      acquire old or new exploration and drilling prospects and prospecting abandoned wells anywhere in Nigeria or Overseas;

(d)     optimise the benefits of the Petroleum Policies of the Federal Government;

(e)      acquire gas volumes and other supplies for the State as may be considered appropriate;

(f)      liaise with Federal Government agencies or private and multinational companies to deliver petroleum products to the State in the most effective and cost efficient manner;

(g)     invest in downstream oil and gas activities including gas processing businesses, petroleum products retailing, gas retailing, gas pipelines deployment, acquisition of petroleum products tank farms and other distribution facilities;

(h)     acquire all or part of the shares, assets, businesses, properties, privileges, contracts, rights, obligations and liabilities of any company, firm or person in furtherance of any business of the Corporation;

(i)       enter into contracts or public private partnerships with any company, firm or person to facilitate the discharge of its powers under the provisions of this Law;

(j)      invest in refineries, petrochemical processing or other production processes; and

(k)      do all such things necessary to facilitate the discharge of its responsibilities.

3.       Establishment and Composition of the Governing Board of the Corporation

(1)     There is established for the Corporation a Governing Board to be known as IBILE Oil and Gas Corporation Governing Board (referred to in this Law as “the Board”).

(2)     The Board will comprise of-

(a)     the Chairman;

(b)     four (4) members from the Public or Private Sector;

(c)     the Managing Director; and

(d)     the Permanent Secretary or a representative in the Ministry of Energy and  Mineral Resources not below Grade Level 15 to be nominated by the Commissioner.

(3)     The members of the Board except the ex-officio members will be appointed by the Governor, subject to the confirmation of the House of Assembly.

(4)     The appointment of the Chairman and four (4) members of the Board will be from the five (5) divisions of the State.

(5)     All members of the Board will be persons of proven integrity with at least ten (10) years cognate experience in their chosen field.

4.       Powers of the Board

The Board has powers to-

(a)      set general policy guidelines for the management of the corporation;

(b)      ensure that the corporation complies with the provisions of this Law;

(c)      appoint, promote and discipline the management staff of the corporation;

(d)     make recommendations to the Governor regarding the terms and conditions of  employment and the remuneration of staff of the Corporation;

(e)     approve the annual budget of the Corporation;

(f)      approve or reject any proposal made to it by the Managing Director on matters  affecting the Corporation; and

(g)     approve administrative guidelines for the conditions and welfare of staff as  may be proposed by the Managing Director.

5.       Tenure of Office of Members

All members of the Board except the ex-officio members will hold office-

(a)     on part time basis; and

(b)     for a term of four (4) years which may be renewed for another term of four  (4) years only.

6.       Remuneration and Allowances of Members of the Board

The Chairman and members of the Board except the ex-officio members will be paid such remuneration and allowances as the Governor may approve.

7.       Cessation of Office of Board Members

(1)     A member of the Board ceases to hold office if the member-

(a)     becomes of unsound mind or incapable of carrying out the duties of the Board;

(b)     is convicted of a felony or any offence involving dishonesty;

(c)     is guilty of serious misconduct relating to the duties; or

(d)     being a member of a professional body, is suspended or removed from that  professional body.

(2)     A member of the Board may also cease to hold office if in the opinion of the Governor, the member is no longer fit to hold the position or perform the duties under this Law.

(3)     A member of the Board may at any time resign from office by a letter addressed to the Governor and the resignation takes effect on the date specified in the letter or the date the letter is received by the Governor whichever is later.

8.       Filling of Vacancy

(1)     If a member of the Board dies, resigns, retires, becomes disqualified or is removed from office, the Governor will appoint a person to fill the vacancy so occasioned and the person so appointed will be confirmed by the House of Assembly for the remainder of the term of office of the member whose death, resignation, retirement, disqualification or removal occasioned the vacancy.

(2)     The person so appointed under subsection (1) of this Section is eligible to be re-appointed for another term of four (4) years only after serving the remaining term of the predecessor.

9.       Proceedings

The Board has the power to make additional Standing Orders regulating proceedings at meetings of the Board.

10.     Meetings

(1)     The Board will meet at least four (4) times in a year.

(2)     The Chairman will convene meetings of the Board and can also summon a special or emergency meeting of the Board, provided that any three (3) members of the Board can request for the calling of a meeting.

(3)     The Chairman will preside at every meeting of the Board and when absent, one of the members except the Managing Director, will be appointed to preside.

(4)     Notice of meeting will be delivered personally or by registered post to all members at least seven (7) days before the date of the meeting or three (3) days in case of an emergency meeting.

11.     Quorum

The quorum for any meeting of the Board is four (4) members.

12.     Voting

Any matter which comes before the Board for decision will be decided by the vote of a simple majority of the members present and voting and in the event of equality of votes, the Chairman presiding has a casting vote.

13.     Appointment and Tenure of Managing Director

(1)     There will be appointed by the Governor, for the Corporation, a Managing Director who will be the Chief Executive Officer of the Corporation and must-

(a)     possess an additional qualification to those mentioned in Section 3 subsection (5); and

(b)     be a person knowledgeable in the Oil and Gas sector with at least ten (10) years cognate experience at managerial level in that sector.

(2)     The Managing Director-

(a)     will hold office under a written contract of service for a term of four (4) years, and on such terms and conditions as are specified in the contract; and

(b)     may serve a second term of four (4) years if so re-appointed by the Governor, but not more.

(3)     The Managing Director will not hold any other office or occupy any other position or carry on any business in respect of which emoluments are payable.

14.     Functions of the Managing Director

(1)     The Managing Director will-

(a)      be responsible for the execution of the policies of the Corporation as approved by the Board;

(b)      manage and control staff, administration and business of the Corporation;

(c)      establish and develop a management structure with appropriate departments and units;

(d)     advise the Board in relation to the performance of the functions of the Corporation and make proposals to the Board on any matter relating to the activities of the Corporation;

(e)     perform such other functions as may be conferred by the Board with the approval of the Governor; and

(f)      do such acts as are necessary or expedient for the purpose of the exercise of the functions under this Law.

15.     The Secretary/Legal Adviser

(1)     There will be a Secretary, who shall be Legal Adviser for the Corporation to be appointed by the Board who will be a Legal Practitioner with a minimum of ten (10) years post-call experience.

(2)     The Secretary/Legal Adviser will be the Head of the Legal Department and — be the Secretary to the Board;

(a)     communicate policy decisions at Board meetings to affected Departments;

(b)     prepare and review all contractual agreements for consideration of the Board;

(c)     perform such duties relating to Board meetings as the Chairman may direct; and

(d)     perform such other duties as the Managing Director may direct.

16.     Departments of the Corporation

The Corporation may create departments necessary for the implementation of this Law as the Board may approve.

17.     Staff of the Corporation

(1)     The Corporation may appoint members of staff as it considers necessary and may approve conditions of service including provisions for the payment of pensions.

(2)     Where the Corporation deems it expedient that any vacancy in the Corporation be filled by a person holding office in the public service of the State, it will inform the appropriate Service Commission to that effect and cause such vacancy to be filled by way of secondment or transfer.

(3)     Where a member of the Civil Service in the State is seconded under subsection (2) of this Section, the member will be notified of the terms and conditions of the secondment and the secondment will be without prejudice to any pension rights which, but for the secondment, would have accrued to the member.

(4)     A person seconded under subsection (2) of this Section, may elect to be transferred to be a staff of the Corporation, in which case any previous service in the Public Service concerned counts as service for the purposes of pensions subsequently payable by the Corporation.

18.     Power to Co-opt

The Board may co-opt any person as a member of the Board where advice or information on any matter is needed from such a person who may be given rights and privileges of a member but will not be entitled to vote on any matter or to count towards a quorum.

19.     Remuneration of Officers

The Board will determine the remuneration to be paid to its officers and may require any officer to give such security as is deemed proper for the due execution of the office.

20.     Pension Rights

The right of a staff of the Corporation to receive pension or gratuity will be regulated by the Lagos State Pension Reform Law. [No. 3. of 2007]

21.     Funds of the Corporation

(1)     The Corporation will maintain a fund from which all operational expenses incurred by the Corporation will be defrayed and such funds will consist of-

(a)     Such monies as may be provided by the State Government by way of grants or loans; and

(b)      Such monies as may be received by the Corporation in the course of its operations in relation to the exercise by the Corporation of any of its functions under this Law.

(2)     The Corporation will submit to the Governor not later than four (4) months before the end of each financial year, estimates of its expenditure and income relating to the next financial year.

22.     Power to Borrow Money

(1)     The Corporation may, with the approval of the House of Assembly, borrow from time to time such sum of money for and in connection with the exercise of its powers under this Law as the Board may deem fit.

(2)     An approval given for the purpose of this section may be either general or limited to a particular borrowing or otherwise and may be subject to conditions.

23.     Financial Provisions

(1)     The Corporation will keep proper accounting records which conform to contemporary industry standards.

(2)     The Corporation will cause its accounts to be audited at the end of each financial year to which the account relates, by the Auditors appointed by the Corporation from the list of Auditors approved by the Auditor-General of the State.

(3)     The audit will be in accordance with the Financial Regulations of the State.

(4)     The Auditors will, on the completion of the audit of the accounts of the Corporation for each financial year, prepare and submit to the Corporation, reports setting out-

(a)     general observations and recommendations of the Auditors on the financial affairs of the Corporation for the year and on any important matters which the auditors desire to bring to the notice of the Corporation; and

(b)     detailed observations and recommendations of the Auditors on all aspect of the operation of the Corporation for that year.

24.     Seal of the Corporation

(1)     There will be a common seal of the Corporation.

(2)     The common seal of the Corporation will be kept in the custody of the Company Secretary/Legal Adviser and must only be used as authorized by the Board.

25.     Indemnity of Members of the Board and Employees of the Corporation

(1)     Every member of the Board, agent, Auditor or employee of the Corporation will be indemnified out of the assets of the Corporation against any liability incurred in defending any proceedings whether civil or criminal, if any such proceeding is brought against the member in an official capacity.

(2)     A member of the Board will not be personally liable for any act or default of the Board performed in good faith in the course of the Board’s operations.

26.     Power to make Regulations

(1)     The Board will, subject to the provisions of this Law, make Regulations to carry into effect the purposes of the Law.

(2)     Regulations made under subsection (1) above are subject to the Regulations Approval Law.

27.     Interpretation

In this Law, unless the context otherwise requires-

“Commissioner” means the Commissioner or other member of the State Executive Council in charge of mineral resources;

“Corporation” means the IBILE Oil and Gas Corporation;

“Financial year” means that period of twelve (12) months as may be adopted as the financial year by the State Government;

“Governor” means the Governor of Lagos State;

“Member” means a member of the Board and includes the Chairman;

“Oil and Gas Downstream” means oil and gas operations that take place after the production phase, through to the point of sale;

“Oil and Gas Upstream” means the searching for, recovery and production of crude oil and natural gas;

“Permanent Secretary” means the Permanent Secretary, Ministry of Energy and Mineral Resources;

“State” means Lagos State of Nigeria.

28.     Citation and Commencement This Law may be cited as IBILE Oil and Gas Corporation Law and will come into force on th

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