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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96 Category Nature of Offense Examples Indicative Fine Range Aggravating Factors Mitigating Factors Failure to submit required competition reports C(Minor or Technical Offenses) Procedural or complianc e breaches with no significant market harm - Failure to notify a merger with no competition impact- Delay in submitting compliance reports- Inadvertent data omissions or misstatements Fixed- sum penalty (e.g., ₦5 million – ₦50 million) or < 1% of turnover, at Authority’ s discretion - Repeat procedural breaches- Non- cooperation when rectifying issue - Error was unintentional - Prompt rectification- Transparenc y with Authority Daily Penalties for Continuing Non-Compliance Offence Daily Penalty Notes Failure to comply with final cease and desist order ₦5 million – ₦25 million per day Until compliance is achieved; capped by total 5% turnover limit unless otherwise specified Non-submission of ordered data/reports ₦1 million – ₦5 million per day May be escalated with notice after 14 days Continuation of prohibited conduct after Final Order ₦10 million – ₦50 million per day Subject to court enforcement or licence action if non-compliance persists Application Notes: 1. These penalty ranges are indicative and not binding. The Authority may impose higher or lower fines based on the specific facts, legal framework, and procedural fairness. 2. The turnover base shall be defined as total revenues from regulated petroleum activities in Nigeria for the last audited financial year.
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