Library / Extraordinary Federal Republic of Nigeria Official Gazette No. 38
Extraordinary Federal Republic of Nigeria Official Gazette No. 38

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S. I. No. 6 of 2023 
PETROLEUM INDUSTRY ACT, NO. 6, 2021 
ASSIGNMENT OR TRANSFER OF LICENCE AND PERMIT 
: 
REGULATIONS, 2023 
[27th Day of February, 2023] 
In exercise of the powers conferred on it by sections 33 and ::7 of the Petroleum 
Industry Act, No. 6, 2021 (“theAct”) and all other powers enabling it in that 
behalf, the Nigerian Midstream and Downstream 
Petroleum Regulatory 
Authority (“Authority”), makes these Regulations — 
1. The objectives of these Regulations are to — 
(a) 
establish a procedure for the assignment or transfer of licence or 
permit by the licensee or permit holder 
; 
(5) 
prescribe fees for such assignment or transfer 
; and 
(c) provide sanctions and administrative penalties for failure to comply 
with these Regulations. 
2. 
These Regulations shall apply to activities connected with the 
assignment or transfer of licenses or permits granted by the Authority for 
midstream and downstream petroleum operations. 
3.—(1) For the purpose of these Regulations, an assignment or transfer 
of licence and permit shall include — 
(a) assignment or transfer by merger of two, or more companies 
; 
(b) assignment or transfer by acquisition of a company or asset 
; 
(c) assignment or transfer to a company ina group of which the transferor 
is 
amember, and is to be made for the purpose of reorganisation in order to 
achieve greater efficiency and acquire resources for effective petroleum 
operations ; 
(d) assignment or transfer to 
a new company 
; 
(e) 
assignment or transfer by reason of devolution of ownership of 
shares or interest in ownership of shares by operation of law 
: 
(f) 
assignment or transfer by exchange or transfer of shares, private 
placement, or public listing ; and 
(g) assignment or transfer by testamentary instruments. 
(2) 
The Authority may, by notice, determine any other category of 
assignment or transfer of licence and permit. 
4.—(1) A 
licensee or permit holder shall notify the Authority prior to a 
change of name arising from a corporate restructuring or rebranding. 
B 49° 
Commence- 
ment. 
Objectives. 
Application. 
Nature of 
assignment 
or transfer of 
licence and 
permit. 
Change of 
name.