Library / B 827 Federal Republic of Nigeria Official Gazette No. 109
B 827 Federal Republic of Nigeria Official Gazette No. 109

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B  842
(3)  Where there is an excess in the Fund after the decommissioning and
abandonment has been carried out and approved by the Authority, the excess
shall be considered for income tax purposes and the amount after the
withholding of any tax shall be returned to the licensee.
(4) Where the Fund is not sufficient to cover the decommissioning and
abandonment expenditure, the licensee shall cover such difference to fulfil
the obligations in full.
27.—(1) The Authority shall access the Fund where a licensee fails to
comply with the Plan or Programme to pay for the performance by a third
party of such licensee’s obligations under section 232 of the Act.
(2) The Authority shall access the Fund only after it has provided a
written notice to the respective licensee of the noncompliance and has been
given a reasonable period to rectify the non-compliance.
(3) Where the Authority decides to apply the Fund under subregulation
(1), the Authority shall be responsible to manage the Fund in accordance with
the applicable laws, and the procurement of goods, works or services required
to undertake the decommissioning and abandonment shall be subject to the
laws and regulations applicable to public procurement.
28.  A licensee shall furnish the Authority, not later than 90 days after
the end of each calendar year, a statement of accounts with respect to its
decommissioning and abandonment contributions into the Fund in the form
prescribed by the Authority.
29.—(1) An assignment or transfer of interest in a licence under the Act
or Regulations, or a licence saved under section 311 (9) of the Act, shall
include the assignment of obligations to make contributions to the Fund under
this regulation :
Provided that in any case of such assignment or transfer, the assignor or
transferor shall, where the funds accrued in the Fund is insufficient to cover
any decommissioning and abandonment liabilities as at the date of the
assignment, provide a security in the nature of a bank guarantee to the Authority
or cash deposit to the Fund to cover the amount required for that part of the
liabilities not provided for in the Fund.
(2)  All parties to an assignment or transfer of the licence, whether
assignors or assignees, transferors or transferees, shall be jointly and severally
liable for the decommissioning and abandonment obligations with respect to a
relevant licence.
Power of the
Authority to
utilisethe
Fund
Statements
of accounts
Decommi-
ssioning and
abandonment
liabilities in
case of
assignment