Library / Page 1 of 35 MIDSTREAM PETROLEUM HOST COMMUNITIES DEVELOPMENT TRUST REGULATIONS, 2024
Page 1 of 35 MIDSTREAM PETROLEUM HOST COMMUNITIES DEVELOPMENT TRUST REGULATIONS, 2024

Page 27 of 35
 
 
 
 
Page 27 of 35 
 
(11) 
A fund manager who fails to comply with the provisions of 
these Regulations shall be liable to administrative penalty of 
NGN10,000,000 or such additional sum as may be prescribed by the 
Authority and where the investment resulted in a diminution of the 
fund, the fund manager shall make up for the loss from its own funds. 
 
(12)  
For the purpose of this part of the Regulations, where the 
Authority is required to make a decision and the Authority’s approval 
or refusal is not communicated to the licensee within a period of 90 
days, the licensee’s application for approval shall be deemed 
approved. 
 
36 
  
(1) A licensee shall submit to the Authority, the reports prepared by 
the management committee and Board of Trustees under section 255 
(a), (b) and (c) of the Act, within the time frame stipulated in the Act.  
 
(2) A licensee shall submit an annual report of its activities on the trust 
in the preceding year accompanied by the audited accounts of the 
trust to the Authority, not later than 31st May of the particular year.  
 
(3) 
The annual report shall be in such form as the Authority shall 
specify from time to time and shall contain sufficient details to show 
the financial position of the Trust Fund at any given time, the list of 
proposed projects for the host communities for the following year 
and status of executed or ongoing projects for the host 
communities and cost of the individual projects.  
 
(4) 
The Authority may where it deems fit after the review of the 
report, require the licensee to provide additional documents to 
clarify any item contained in the report.  
 
(5) 
The documents or information referred to under sub-
regulation (4) of this regulation may include receipts of purchase, 
contracts with third parties, bank statements, title documents or 
any other document the Authority may require based on the 
content of the annual return filed. 
 
 Reports 
PART VII – MISCELLANEOUS PROVISIONS 
 
37. 
(1) 
A person who - 
Offences