Section 41: Authority Chief Executive and Executive Directors of the Authority.

1 The Authority Chief Executive is the accounting officer and shall be responsible for the administration of the affairs of the Authority.

2 There shall be seven executive directors for the Authority, whose appointments shall comply with the Federal Character Commission Act subject to confirmation by the Senate with each responsible for one of the following—
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a Hydrocarbon Processing Plants, Installations and Transportation Infrastructure;
b Distribution Systems, Storage and Retailing Infrastructure;
c Health, Safety, Environment and Community;
d Economic Regulations and Strategic Planning;
e Corporate Services and Administration;
f Finance and Accounts; and
g Midstream and Downstream Gas Infrastructure Fund.

3 A person to be appointed as Authority Chief Executive and as an executive director of the Authority shall have extensive managerial, technical or professional knowledge of the midstream and downstream petroleum operations with a minimum of 15 years post-qualification cognate experience.

4 The Authority Chief Executive shall be appointed on such terms and conditions as may be set out in the letter of appointment, except as otherwise provided for in this Act.

5 An executive director shall be appointed on such terms and conditions as may be set out in the letter of appointment, except as otherwise provided for in this Act.

6 The Authority Chief Executive shall be appointed for an initial term of five years and may be re-appointed for a further term of five years, subject to confirmation by the Senate.

7 The President may, not later than 90 days prior to the expiration of the tenure of the Authority Chief Executive or an executive director, re-appoint the Authority Chief Executive or executive director or appoint another qualified person.

8 A person shall not be appointed as Authority Chief Executive, where the person—
a is likely to be in breach of conflict of interest provisions under the Companies and Allied Matters Act or regulation made under this Act;
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b has a financial interest in any business connected, directly or indirectly with the petroleum industry;
c is engaged in any activity for remuneration or otherwise connected with the petroleum industry;
d is a relative of a person who has an interest or is engaged in any of the activities under paragraphs (a)-(c) provided that—
(i) such person may be appointed Authority Chief Executive or as an executive director if he declares his interest and makes appropriate arrangements to ensure the avoidance of a conflict of interest,
(ii) the President is satisfied that the interest or activity shall not interfere with the person’s impartial discharge of his duties as the Authority Chief Executive or as an executive director, or
(iii) the financial interest is terminated prior to the appointment taking effect; or
e has, under the laws in force in any country—
(i) been adjudged or declared bankrupt or insolvent and has not been discharged,
(ii) made an assignment to or arrangement or composition with his creditors, which has not been rescinded or set aside,
(iii) been declared to be of unsound mind,
(iv) been convicted of any criminal offence by a court of competent jurisdiction except for traffic offences,
(v) been disqualified, or
(vi) suspended from practising his profession by the order of a competent authority.