A REVIEW OF THE FEDERAL COMPETITION AND CONSUMER PROTECTION BILL, 2016 – Okojie-Bolu

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Raising Finance to develop the Petroleum Asset/Field in Nigeria: Can the Petroleum underground be charged? [Part 2] – Peter Olalere

The financiers will usually use different Finance Structuring Tools by way of various back to back agreements, one or some of which give(s) the financier the right, authority and option of taking over ownership, interests and operation of the project for the purpose of realizing the project cost/fund, profits and interests of the lenders. As a stringently and structurally regulated industry, the regulator and government of Nigeria have robust regulatory regime on how interests in Oil and Gas Assets can be transferred or acquired by another entity in Nigeria as set out in part one of this article. The regulatory regime and guidelines on assignment, transfer or acquisition of rights and interests in the Oil and Gas assets basically require that the licensee of the assets obtain ministerial consent before same can be legally transferred to, assigned or acquired by another party. Some of the project finance arrangements/agreements, on the other hand, provide that lender can take over; or is deemed to have acquired rights, title and interest in; the project, and consequently the title in the licence, once the borrower is in certain level of default. The central question here has to be: whether or not the Consent of the Minister is required for raising funds using an Oil Prospecting License Oil or Mining License Asset as collateral in Nigeria.