Section 86

Notwithstanding section 233(1) of the Petroleum Industry Act, a
Relating to
provision made for decommissioning and abandonment fund shall not be
Decommis-
sioning and deductible for tax purposes, except –
Abandon-
ment of
Funds (a) the licensee or lessee deposit a minimum of 30% of the decommissioning
Act No. 6, and abandonment fund with a Nigerian Bank, in the form of an escrow
2021
account accessible by the Commission or Authority; and
(b) the Nigerian bank is accredited in accordance with the criteria for
accreditation for participation in the management of the fund, determined
by the Central Bank of Nigeria in collaboration with the Service.