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

Page 64 of 101
 
 
Page | 64 
 
skill-gap in the disposition of confiscated properties. 
 
(4) 
The Committee shall keep records of its activities and provide a 
report upon completion of any disposal exercise. 
118. All confiscated properties pursuant to the enabling provisions of the 
Act shall be disposed of on as is basis and in accordance with the 
disposal procedure provided in these Regulations.  
Disposal 
Procedure 
119. (1) Property confiscated by the Authority may be disposed of in any 
manner including —  
(a) sale by public tender; 
(b) sale by public auction; 
(c) outright sale at a fixed price;   
(d) donation to a “deserving cause”; and/or 
(e) destruction; dumping, burying, or burning. 
(2) 
Where the disposal is by public tender, the award in the disposal 
of confiscated properties shall be made to the highest rated bidder 
whose bid shall be equal to or above the reserve price. The procedure 
shall be through open bid, restricted bid, or request for quotation. 
(3) 
Where the disposal is by public auction, the Authority shall use an 
auctioneer from a pre-qualified list or appoint one through an 
appropriate competitive and transparent method.  
(4) 
The Authority shall opt for outright sale at a fixed price where some 
of the items to be disposed may be obtained by displaying goods for sale 
with a market price. In choosing this method, the Authority shall consider 
the cost of valuing the asset(s) and the cost of advertising the subject 
property(ies). 
 
(5) 
The Authority shall opt to use conversion or recycling of properties 
as a disposal method –  
(a) where the properties have no identifiable residual usefulness 
to the procuring entity and may still have some value that 
may be obtained through conversion into another form or 
recycling; 
(b) on grounds of public interest, legal or human rights issues or 
environmental considerations; or 
(c) where there is the potential of obtaining monetary return 
Disposal 
Method