Section 120: Grounds for the Revocation of a Licence or Permit.

1 Notwithstanding the provisions of Chapter 2 of this Act related to midstream and downstream petroleum operations, a licence or permit may be revoked, where—
a the holder becomes insolvent, bankrupt, enters into an agreement or composition with its creditors or takes advantage of any enactment for the benefit of the debtors or goes into liquidation, except as part of a scheme for an arrangement or amalgamation;
b upon the transformation or dissolution of the company or corporation, except it is for the purpose of amalgamation or reconstruction, provided that the prior written consent of the Authority has been obtained;
c a holder of a licence or permit fails to commence activity within the timeframe prescribed in the licence or permit;
d the holder of a licence or permit fails to comply with applicable laws and regulations on terms and conditions of its licence or permit;
e the holder interrupts midstream or downstream petroleum operations for a period of more than 180 consecutive days without justification as provided for in the licence or permit, the acknowledgement of an event of force majeure, shall be an acceptable justification for interruption;
f the holder assigns or transfers any interest in the licence or permit without obtaining the prior written consent of the Authority;
g the holder has acquired the licence or permit based on false representation or contrary to corrupt practices and money laundering laws;
h the holder has failed to comply with environmental obligations as required by law or the provisions of the licence or permit;
i the holder is owned wholly or in part, directly or indirectly or is controlled by a former or serving public official or member of the Government, who obtained his interest in the applicable licence or lease other than as permitted by applicable law; and
j the holder fails to abide by any expert determination, arbitration award or judgment arising from the dispute resolution provisions set forth in a licence or this Act.

2 Subsection (1)(i) shall apply to a former public official or member of Government only where the applicable interest was acquired while the public official was in office or was a member of the Government.