Section 121: Establishment of the Environmental Protection and Rehabilitation Fund.

(1) The Minister shall establish an Environmental Protection and Rehabilitation Fund for the purpose of guaranteeing the environmental obligations of Holders of Mineral titles as provided under this Act.
(2) The Minister shall appoint a reputable institution customarily engaged in business as trustees or fund managers to administer the Environmental Protection and Rehabilitation Fund.
(3) The trustees appointed pursuant to subsection (2) of this Section shall operate the fund in accordance with the provisions of the Trustees Investments Act, Cap T22 Laws of the Federation of Nigeria, 2004 or amendments thereof.
(4) Every holder of a mineral title shall commence contributions to the Environmental Protection and Rehabilitation Fund in accordance with the amounts specified in the approved Environmental Protection and Rehabilitation Program not later than one year from such approval.
(5) If the Mines Environmental Compliance Department determines that the estimated cost of implementing the approved Environmental protection and Rehabilitation Program is substantially less than the amount already deposited in the Environmental Protection and Rehabilitation Fund, it may-
(a) refund any excess amount in the Fund to the Holder of the Mineral title , or
(b) review the amount of future contributions or modify the contribution schedule as the circumstances may require.
(6) Where a mineral title is renewed, the holder shall pay into the Environmental Protection and Rehabilitation Fund such annual amounts as may be specified in an amended Environmental Protection and Rehabilitation Program approved under section 120 of this Act.
(7) The trustee shall keep proper records in respect of the operation of the Fund, and shall cause to be prepared by an independent firm of chartered accountants appointed by the Minister an audited statement of accounts in respect of each financial year.
(8) The trustee shall, not later than three months after the end of each financial year, cause a copy of the audited statement of accounts referred to in subsection (6) of this section to be sent to the Minister and each member of the State Mineral Resources and Environmental Management Committee.
(9) The Environmental Protection and Rehabilitation Fund and any sum accruing therefrom shall be applied only for the implementation of the Environmental protection and Rehabilitation Program to which they relate in accordance with the timetable of payments established in the Environmental Protection and Rehabilitation programme.
(10) The holder of a mining lease shall implement and meet all obligations described in the Environmental protection and Rehabilitation Program during the term of the Mining Lease.
(11) When the Environmental Protection and Rehabilitation Program has been fully implemented and completed further to a certification by an independent external audit has confirmed that the implementation of the Environmental protection and Rehabilitation Program has been satisfactorily completed, the Head of the Mines Environmental Compliance Department shall authorize the refund of any sum remaining in the Environmental Protection and Rehabilitation Fund to the title holder within thirty days of the receipt of the certification.