Library / Extraordinary Federal Republic of Nigeria Official Gazette No. 38
Extraordinary Federal Republic of Nigeria Official Gazette No. 38
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B 52 Interpretation. (2) A person who contravenes the provisions of these Regulations, is liable to pay to the Authority an administrative penalty — “(a) for midstream processing facilities, installations, terminals and pipelines, USD100,000 per licence or permit and in addition any permit, licence or authorisation granted to that person may be suspended, cancelled, or revoked ; (b) for blending facilities and petroleum product storage facilities, USD50,000 or its equivalent in Naira per licence or permit and in addition, any permit, licence or authorisation granted to that person may be suspended, cancelled, or revoked ; and : (c) for oil and gas retail outlets, N2,000,000 per licence or permit and in addition, any permit, licence or authorisation granted to that person may be suspended, cancelled, or revoked. 12. In these Regulations — “acquisition” means a corporate transaction where one company purchases all or a substantial interest, portion, shares, or facility of another company, such that the acquired company becomes a subsidiary or division of the acquiring company ; “Act means the Petroleum Industry Act, No 6, 2021 ; “asset” means any facility, installation or system for measuring, processing, transporting, storing, blending, distributing or handling of crude oil or its derivatives, natural gas or its derivatives, petroleum product or any form of petroleum liquids ; “assignment”means the transfer of a licence or permit or an interest, power or right in it by any company or person with cquity, participating. contractual or working interest in the licence or permit through merger, acquisition, takeover, divestment of shares or property, or any such transaction that may alter the ownership, equity, rights or interest of the assigning company in question, not minding the nature of business arrangement that the assigning company may be involved in ; “assignment or transfer by acquisition” means direct or indirect take over or acquisition of the entire rights or interest in a licence or permit, and associated assets of the assigning company, including acquisition of interest by an entity in aparent company whose affiliate has interest in a licence or permit, or associated assets in Nigeria ; “assignment or transfer by exchange or transfer of shares” means the acquisition of part or all the shares of a company which holds a licence or permit in Nigeria ; “assignment or transfer by merger” means where a company which holds a licence or permit combines with one or more companies to form another company by way of payment, exchange of shares or by any other means whatsoever :
RegulationsPDF20232023-027