Regulatory Framework for Crowdfunding in Nigeria
The Federal Government of Nigeria, in September 2018, promulgated the new Flare Gas Prevention of Waste and Pollution Regulations 2018 (“the Regulations”). The Regulations provide a legal framework for the utilization and commercialization of Flare Gas in Nigeria. It further introduced a new penalty regime for gas flaring and imposes strict obligations on exploration and production companies. The new regulations also have implications for certain categories of industry stakeholders and apply to persons who make use of flared Gas.