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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(2) The maximum administrative fine shall not exceed five percent (5%) of the 
annual turnover of the offending undertaking for the preceding financial year. 
(3) For purposes of these Regulation, “annual turnover” means gross revenues 
or sales derived from the regulated business activities in Nigeria. Where multiple 
entities or group structures are involved, the Authority may consider the 
turnover of the group, subsidiary, or segment most directly involved in the 
infringement. 
 
98. Procedure Prior to Imposition of Fine 
(1) Before imposing a fine, the Authority shall issue a Notice of Intention to Fine, 
specifying: 
(a) The facts, findings, and nature of the infringement; 
(b) The basis for the proposed fine, including its calculation; and 
(c) The proposed deadline for payment. 
(2) The respondent shall be granted no fewer than 30 days to make written 
representations or request a hearing. 
(3) Following consideration of any representations, the Authority shall issue a 
Final Penalty Order in writing, specifying the: 
(a) Violation established; 
(b) Rationale for the fine; 
(c) Amount payable; and 
(d) Deadline and payment instructions. 
 
 
99. Calculation of Fines 
In determining the amount of a fine, the Authority shall consider: 
(a) The nature, gravity, and duration of the infringement; 
(b) Whether the conduct was intentional or negligent; 
(c) The role of the undertaking in the infringement (instigator, facilitator, 
follower); 
(d) Any economic benefit or unfair advantage gained; 
(e) The market share and economic strength of the undertaking; 
(f) Aggravating factors, including: 
 
• 
Repeat violations or recidivism; 
 
• 
Obstruction of investigations; 
 
• 
Continuation of the infringement after the intervention of the 
Authority; 
(g) Mitigating factors, including: 
 
• 
Voluntary termination of conduct; 
 
• 
Self-reporting or cooperation beyond legal obligations; 
 
• 
Implementation of effective internal compliance programmes; 
 
• 
Evidence of acting under duress or third-party coercion; 
(h) The need to ensure deterrence, especially in cases of systemic or high-
impact conduct.