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

Page 65 of 101
 
 
Page | 65 
 
from conversion or recycling. 
(6) 
The Authority, after considering the environmental effects and 
obtaining the relevant clearance, may destroy, dump, bury or burn 
confiscated properties only when all other disposal options have been 
eliminated and no conversion into another form or recycling possibilities 
can be identified. 
 
(7) 
Where property is being disposed of by means of public tender, all 
tenders shall be in writing and submitted to the office of the Authority 
Chief Executive. 
 
(8) 
The Authority shall have the power to cancel the sale of any 
confiscated property offered for sale by auction or tender where no bid 
or tender meets the minimum bid or tender set before the sale, or the 
Authority does not consider any of the bids or tenders acceptable. 
 
(9) 
Where two or more tenders in respect of a property are in the same 
amount, the first tender received by the Authority shall be given 
precedence. 
 
(10) 
The Authority shall give notice in writing to the person whose bid or 
tender in respect of a property has been accepted and shall by such 
notice prescribe the period within which the sale must be completed. 
 
(11) 
Where a person whose bid or tender has been accepted does not 
complete the sale within the period prescribed by the Authority in its 
notice referred to in sub-regulation 7(10), the Authority Chief Executive 
may cancel that sale and accept the next best acceptable bid or 
tender. 
 
(12) 
The Authority may require a deposit from the person who submits 
a bid or tender to guarantee the completion of a sale. 
 
(13) 
Where a person whose bid or tender has been accepted in 
accordance with the provisions of these Regulations, fails to complete 
the sale within the time prescribed by the Authority, the deposit paid by 
such person shall be forfeited to the Authority in its entirety.