Library / Page | 1 MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS REGULATIONS, 2024
Page | 1 MIDSTREAM AND DOWNSTREAM PETROLEUM OPERATIONS REGULATIONS, 2024

Page 63 of 101
 
 
Page | 63 
 
respect of each confiscated material or equipment —  
(a) Date of confiscation. 
(b) Property description for ease of identification. 
(c) Category of property (whether fixture or fittings). 
(d) Reason for confiscation. 
(e) Location of property. 
(f) 
Unique identification code. 
 
(4) 
Once an identification code has been assigned to a property in 
custody of the Authority, no change shall be made during the life of the 
property while in custody of the Authority for any purpose whatsoever. 
The identification code may be removed from the property only after it 
is sold, scrapped, or otherwise disposed of. 
 
(5) 
The Authority shall take periodic inventory of the Register and the 
result of the physical count of the properties shall be reconciled with the 
records in the Register. 
(6) 
Where the result of an inventory reveals any form of discrepancy 
or where a determination has been made that a confiscated property 
has been lost or stolen, the Authority shall take the following steps —  
(a) In the case of inaccurate recording of confiscated property 
in the Register, the Authority shall investigate the matter 
before amending the Register. 
(b) In the case of loss or theft of a confiscated property, the 
Authority shall cause a thorough investigation with a view to 
determining whether an officer of the Authority has acted 
negligently and become liable for the loss, theft, or 
unauthorised use of the property. 
117. (1) The Authority Chief Executive shall constitute a Disposal 
Committee comprising 7 officers of the Authority.  
 
(2) 
The Disposal Committee shall be responsible for coordinating the 
disposal of confiscated properties. 
 
(3) 
Subject to the approval of the Authority Chief Executive, the 
Committee may engage the services of external experts to address any 
Disposal 
Committee