Library / B 183 Federal Republic of Nigeria Official Gazette No. 55
B 183 Federal Republic of Nigeria Official Gazette No. 55

Page 8 of 9
B  190
15.  Where a person fails to comply with a cease-and-desist order issued
as provided in section 215 of the Act, the Authority may, subject to the provisions
of regulations 10,11,12,13 and 14, levy a fine not exceeding 5% of the annual
turnover of the company for the preceding year or revoke the licence of any
person who fails to comply with a cease-and-desist order.
16.—(1) Prior to a decision by the Authority to revoke a licence or
permit in section 120 of the Act, the Authority shall —
(a)  serve a notice of default on the licensee or permit holder setting
forth in reasonable detail the default of the licensee or permit holder ; and
(b)  give the licensee or permit holder 60 days within which to remedy
the default.
(2)  Where the Authority is satisfied with the remedy of the licensee or
permit holder in subregulation (1) (b), the revocation process shall be
discontinued.
(3) Where, at the expiration of 60 days, the licensee or permit holder
fails to remedy the default, the licence or permit shall be revoked.
(4)  A notice of default shall be —
(a)  sent by the Authority to the last known address of the licensee or
permit holder or its legal representative in Nigeria, or
(b)  published in the Federal Government Gazette or on the website of
the Authority,
each of which shall constitute sufficient notice to the licensee or permit holder
of the notice of default.
(5)  Revocation shall be without prejudice to —
(a)  liabilities which the licensee or permit holder may have incurred ; or
(b)  claim, which the Authority, the Government or any third party may
make against the licensee or permit holder.
(6)  A revocation decision shall be published in the Federal Government
Gazette and the Authority shall amend relevant registers maintained by it to
reflect the revocation.
17.  A person who —
(a) fails to obtain a licence, permit or authorisation required by the
Authority,
(b)  fails to provide information required by the Authority,
(c)  makes a false declaration to the Authority or wilfully furnishes
information so required which is in any respect false or insufficient,
Decision on
failure to
comply with
cease-and-
desist order
Revocation
of a licence
or permit
Consequences
of operating
without a
licence or
permit