Library / B 843 Federal Republic of Nigeria Official Gazette No. 110
B 843 Federal Republic of Nigeria Official Gazette No. 110

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B 853
(b)  the licence is suspended or revoked in accordance with the Act or
any other Regulations made by the Authority ; or
(c)  the Authority is unable to enforce under the law that such rehabilitation
or management of negative environmental impact is fulfilled by such
licensee.
(3) In determiningthe intervention regarding any of the cases in
subregulations (1) and (2), the Authority shall consider the scale, severity of
the impact, social and economic consequences of not managing the negative
environmental impact.
10. The following shall be the procedure for the release of money from
the Account, the —
(a)  committee shall request the Authority to release funds for the
implementation of the approved programme ;
(b)  release of funds shall be based on milestones and the Authority shall
monitor disbursements from the Account ;
(c)  request shall be in a Form prescribed by the Authority and published
on its website ;
(d)  request shall contain a bank account presented by the committee
and the designated administrator of the Account ; and
(e)  release of funds shall be authorised by the Authority.
11.—(1) The Authority shall keep proper accounts and records in relation
to the Fund and shall, not later than 90 days after the end of a relevant financial
year, publish on its website an annual statement containing details of negative
environmental impact interventions, contracts issued, contributions and
expenses.
(2) The financial contribution to the Fund shall be subject to audit by
licensees, in accordance with guidelines that the Authority may issue.
12.—(1) The assignment or transfer of a licence under the Act, or a
licence saved under section 311 (9) of the Act, shall include the assignment or
transfer of the assignor’s or transferor’s contributions to the Fund under these
Regulations.
(2)   A licensee who contributes to the Fund may on request to the
Authority, carry out an audit of the Fund at its own cost.
(3)  Within one year from the establishment of the Fund the Authority
shall make rules or guidelines for the conduct of audit of the Fund by licensees.
(4)  The provisions of these Regulations are without prejudice to the
powers of the Authority to take any consequence management action prescribed
by law against any licensee for any infringement of environmental laws.
Procedure
for release of
funds
Auditing and
reporting
requirement
under the
Fund
General
administrative
requirements