Library / PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

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In the event of premature Implementation or gun-jumping or non-notification, 
the Authority may impose one or more of the following remedies or sanctions: 
 
(a) 
Administrative fines proportional to the gravity of the offence, 
including up to 10% of the turnover of the infringing party in the preceding 
financial year; 
 
(b) 
Disgorgement of any gains or benefits derived from the 
unapproved transaction, including excess profits, market share advantages, 
or strategic positioning obtained; 
 
(c) 
Orders for unwinding or reversing the transaction, including 
divestiture of acquired assets or restoration of independent control and 
operations; 
 
(d) 
Suspension or revocation of operating licenses, where the 
conduct is found to be wilful, deceptive, or in bad faith; 
 
(e) 
Referral of the matter to the Federal Competition and Consumer 
Protection Commission for concurrent or complementary enforcement action 
under the Federal Competition and Consumer Protection Act, including the 
imposition of additional financial or legal penalties. 
(4) Cumulative Liability 
Sanctions imposed by the Authority under these Regulation are without 
prejudice to any penalties, fines, or corrective measures imposed by the 
Federal Competition and Consumer Protection Commission or any other 
competent agency. The parties remain liable to comply with all merger control 
laws in full. 
(5) Supplementary Measures 
The Authority may issue further guidelines on enforcement procedures for 
premature Implementation or gun-jumping, including reporting obligations, 
restitution 
mechanisms, 
and 
compliance 
undertakings 
required 
for 
reinstatement of licenses or approvals. 
 
55. Post-Merger Approval Monitoring, Compliance, and Review Powers 
(1) Ongoing Oversight of Approved Mergers 
 For all mergers, acquisitions, or joint ventures approved by the Authority 
particularly those approved subject to structural or behavioural conditions the 
Authority shall maintain oversight of the transaction’s implementation and 
post-merger market outcomes to ensure that the intended competition 
objectives are preserved. 
(2) Monitoring of Compliance with Conditions 
 The Authority shall actively monitor the merging parties’ compliance with any 
conditions imposed as part of the merger approval, including but not limited 
to: 
 
(a) 
Timely execution of asset divestitures; 
 
(b) 
Fulfilment of third-party access obligations; 
 
(c) 
Observance of price caps, supply guarantees, or exclusive 
dealing prohibitions; 
 
(d) 
Maintenance of ring-fencing, information firewalls, or operational 
separation as required. 
(3) Periodic Reporting Obligations