Library / Midstream Petroleum (Host Communities Development Trust) Regulations 2024
Midstream Petroleum (Host Communities Development Trust) Regulations 2024

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(10)  For the purpose of this part of these Regulations, where the Authority
is required to make a decision and the Authority’s approval or refusal is not
communicated to the licensee within a period of 90 days, the licensee’s
application for approval is deemed approved.
36.—(1)
A licensee shall submit an annual report of its activities on the
trust in the preceding year accompanied by the audited accounts of the trust
to the Authority, not later than 31st May of the particular year.
(2)  The annual report shall be in such form as the Authority shall specify
from time to time and shall contain sufficient details to show the financial
position of the Fund at any given time, the list of proposed projects for the host
communities for the following year and status of executed or ongoing projects
for the host communities and cost of the individual projects.
(3)  The Authority may, for the purpose of clarifying a statement in the
annual report, require the licensee to provide additional documents or
information which may include receipts of purchase, contracts with third parties,
bank statements, or title documents.
PART VII — MISCELLANEOUS PROVISIONS
37.—(1)
A person who —
(a)  fails to comply with any of the requirements specified in these
Regulations;
(b)  makes false, inaccurate, incomplete, or misleading information  in
any record or report;
(c)  fails to comply with a notice, guideline or directive issued by the
Authority;
(d)  fails to remit funds within the stipulated period pursuant to section
253 of the Act;
(e)  fails to discharge surviving obligations pursuant to section 237 of the
Act; or
(f )  fails to provide any information, document or report required to be
provided to the Authority pursuant to the Act or these Regulations within
the prescribed period,
is liable to an administrative penalty issued by the Authority not exceeding
N5,000,000 and in addition, the Authority may suspend or revoke the licence
or in the case of a refinery make a recommendation to the Minister responsible
for Petroleum Resources, for the revocation of the refinery licence.
(2)  A licensee or an operator appointed by the licensee who fails to
incorporate a trust within the timeline stated in the notice under regulation
9(1) of these Regulations, is liable to an administrative penalty of  N1,000,000.
Reports
Contravention
of these
Regulations