Library / B 889 Federal Republic of Nigeria Official Gazette No. 189
B 889 Federal Republic of Nigeria Official Gazette No. 189

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(d)  the administrative cost account to be entrusted to the licensee, into
which an amount not exceeding 5% of any amount standing to the credit of
the collection account shall be paid and utilised in accordance with these
Regulations.
(4)  The funds in each of the accounts comprising the Fund shall remain
distinct and shall not be co-mingled.
(5)  Upon establishment of the Fund, the licensee shall submit to the
Authority —
(a)  details of each of the bank accounts and sub-accounts comprising
the Fund;
(b)  details of signatories to the bank account and sub-accounts, which
shall comprise representatives of the licensee and Board of trustees;
(c)  a copy of the licensee’s board resolution approving the opening of
the bank accounts and sub-accounts comprising the Fund and the bank
account mandate; and
(d)  a forecast of the contributions for the subsequent five years.
(6)  Where the credit rating of a bank in which the Fund is domiciled
declines below the prescribed rating under these Regulations, the Board of
Trustees shall within one month, transfer the fund to a bank with the prescribed
rating and shall submit to the Authority —
(a)  details of each of the bank accounts and sub-accounts comprising
the Fund;
(b)  details of signatories to the bank account and sub-accounts, which
shall comprise representatives of the licensee and board of trustees; and
(c)  a copy of the Board of Trustees’ resolution approving the opening of
the bank accounts and sub-accounts comprising the fund and the mandate
of bank account.
(7)  The Board of Trustees or licensee shall not change the signatories,
mandate, name or other details of the Fund or change the bank where the
Fund is domiciled, without the prior approval of the Authority.
(8)  Where the Authority approves a change contemplated in sub-
regulation (7) of this regulation, the Board of Trustees shall within 10 working
days of making such a change submit to the Authority the information and
documents set out in sub-regulation (6) of this regulation.
24.—(1)
A licensee shall make an annual contribution to the applicable
Fund of an amount equal to 3% of its actual operating expenditure for the
preceding financial year in the midstream operations affecting the host
communities for which the applicable Fund was established.
Sources of
the Fund