Library / National Strategic Stocks Regulations 2023
National Strategic Stocks Regulations 2023

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(e)  deploy and maintain resources including technology, which shall be
accessible to the Authority, for the real-time monitoring of the petroleum
products stored in the facility ; and
(f )  designate an employee who shall be responsible for reporting
compliance with these Regulations.
19.  The Authority may issue guidelines, directives, and notices for the
effective implementation of these Regulations.
20.—(1)  A person who fails to pay the levy in the manner stipulated in
these Regulations,commits an offence and is liable to an administrative penalty
of 10%  of the amount unpaid which shall be added for each month or part of
it, after the date on which payment should have been made, and the Authority
may suspend the operations of the facility into which the product was discharged
or stored until the payment is made.
(2)  A  facility owner who fails to maintain the stock levels for the
petroleum products designated as national strategic stocks, commits an offence
and is liable to an administrative penalty of 120% of the inventory cost of the
volume released, and in addition shall replenish the stock within 24 hours from
the date of issuance of the administrative penalty by the Authority.
(3)  A petroleum product off-taker who evacuates the petroleum products
designated as national strategic stocks without the authorisation of the Authority,
commits an offence and is liable to an administrative penalty of 120% of the
inventory cost of the volume evacuated.
(4)  A petroleum product off-taker who fails to comply with the conditions
of the evacuation authorisation, commits an offence and is liable to an
administrative penalty of 120% of the inventory cost of the volume evacuated.
(5)  A person who fails to provide information required in these Regulations,
commits an offence and is liable to an administrative penalty of  NGN5,000,000.
(6)  A person who makes a false declaration to the Authority or wilfully
furnishes information so required which is in any respect false or insufficient,
commits an offence and is liable to an administrative penalty of
NGN10,000,000.
(7)  A person who fails to comply with any of the provisions, directives
given or conditions of any licence, permit or authorisation issued in these
Regulations may, in addition to the sanctions, fines and penalties prescribed by
the Act, pay to the Authority an administrative penalty not more than
USD100,000, and may have the licence, permit or authorisation issued to the
person suspended or revoked by the Authority.
Authority to
make
guidelines
Offences