Section 23 Federal Competition and Consumer Protection Act 2018

Section 23 of the Federal Competition and Consumer Protection Act 2018 is about Fund of the Commission. It is under Part V (Financial Provisions) of the Act.

(1) The Commission shall establish and maintain a fund (in this Act referred to as “the Fund”).

(2) There shall be paid and credited into the Fund-
(a) the initial take-off grant made available to the Commission by the Federal Government;

(b) such sums of money as may be appropriated to the Commission in annual budgetary allocation;
(c) such money as may be granted to the Commission by the Government of the Federation;
(d) all fees, levies, and charges statutorily chargeable by the Commission for approvals, testing, licences, certification or any service provided by the Commission in the exercise of its functions under this Act;

(e) all sums of money accruing to the Commission by way of grants-in-aid, gifts, testamentary dispositions, endowments and contributions from any other source provided that the condition for such grants are not inconsistent with the functions, duties and responsibilities of the Commission under this Act;

(f) fees charged for the investigation into and resolution of all disputes brought before the Commission either due from the regulated industry, regulators, individuals, corporate bodies or the government; and
(g) any other fund that may be created from time to time by an Act of the National Assembly.

(3) The Fund shall be managed in accordance with the rules made by the Commission and without prejudice to the generality of the power to make rules under this Act, the rules shall in particular contain provisions-

(a) specifying the manner in which the assets or the Fund of the Commission are to be held;
(b) regulating the making of payments into and out of the Fund; and

(c) requiring the keeping of proper accounts and records for the Fund in such form as may be specified in the rules.