Library / B 2103 Federal Republic of Nigeria Official Gazette No. 205
B 2103 Federal Republic of Nigeria Official Gazette No. 205

Page 42 of 82
B  2144
(g)  host community trust fund arrangements, where applicable;
(h)  environmental remediation fund arrangements, where applicable; and
(i)  any other matter the Authority may deem necessary.
(5)  The transferor shall, unless otherwise directed by the Authority, be
responsible for the cost of the due diligence exercise.
87.—(1) The Authority shall notify the applicant in writing of its decision
to consent or refuse an application for assignment or transfer within 90 days
from the date all required documentation as prescribed by the Authority have
been submitted by the applicant.
(2) The Authority’s consent shall be subject to compliance with all
requirements and payment of prescribed fees.
(3)  Where the Authority refuses the grant of an application, it shall inform the
applicant in writing of the reason for the refusal, and the applicant may make further
representation for the application within 21 days of such refusal being communicated.
(4)  Where the Authority fails to communicate its decision within 90 days,
the application shall be deemed to be approved, provided that the applicant shall
still be required to pay the prescribed fees for the assignment or transfer of the
licence or permit.
88. —(1) A licence or permit holder shall not change its name without
the prior approval of the Authority.
(2)  Where the Authority has no objection to the change of name, the
licensee or permit holder shall —
(a)  apply to the Authority for a new licence or permit in the new name;
(b)  pay the prescribed fees for such change of name on a licence or
permit; and
(c)  return the previous licence or permit to the Authority for cancellation.
(3)  A change of name shall not constitute an assignment or transfer of
licence or permit for the purpose of these Regulations, provided that the
shareholders remain the same as before the change of name and there is no
transfer of assets or liabilities between the shareholders or to another entity.
89.—(1)  A licensee or permit holder may apply to the Authority in writing,
for the surrender of its licence or permit.
(2)  The application for surrender shall be accompanied by a report
containing —
(a)  a detailed reason for the surrender;
(b)  evidence of settlement of outstanding liabilities and obligations relating
to the licence or permit; and
(c)  a detailed plan for decommissioning, abandonment and environmental
remediation, where applicable.
(3)  The Authority may accept the surrender of a licence or permit if the —
Grant of
consent to
assign or
transfer a
licence or
permit
Change of
name
Surrender of
licence or
permit