Library / Page 1 of 8 MIDSTREAM AND DOWNSTREAM PETROLEUM DISPOSAL OF CONFISCATED MATERIALS AND EQUIPMENT REGULATIONS, 2023
Page 1 of 8 MIDSTREAM AND DOWNSTREAM PETROLEUM DISPOSAL OF CONFISCATED MATERIALS AND EQUIPMENT REGULATIONS, 2023
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Page 8 of 8 certificate(s) shall be prepared accordingly and same shall be duly signed by the Authority Chief Executive. 8. (1) All proceeds from the disposal confiscated property referred to in Section 125(4)(c) of the Act shall be calculated within 30 days after the disposal exercise and the same less expenses, shall be remitted by the Authority into the Consolidated Revenue Funds account of the Federal Republic of Nigeria not later than 90 days from the date the last sale was completed. Proceeds of Disposition 9. The Authority may issue guidelines, directives, and notices for effective implementation of these Regulations. Guidelines 10. In these Regulations — “Act” means the Petroleum Industry Act, No. 6, 2021; “Disposal Committee” means the Committee set up by the Authority Chief Executive for coordinating disposal of confiscated materials and equipment; “Proceeds” means monies realised from the sale of confiscated materials and equipment less expenses; “Property/Properties” means materials and equipment seized or confiscated by the Authority in the exercise of its powers under the Act. Interpretation 11. These Regulations may be cited as the Midstream and Downstream Petroleum Disposal of Confiscated Materials and Equipment Regulations, 2023. Citation Made at Abuja this ...................... day of ............................ 2023 ............................................................ Engr. Farouk Ahmed Authority Chief Executive Nigerian Midstream and Downstream Petroleum Regulatory Authority
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