Notwithstanding section 233(1) of the Petroleum Industry Act, a provision made for decommissioning and abandonment fund shall not be deductible for tax purposes, except —
(a)
the licensee or lessee deposit a minimum of 15% of the decommissioning and abandonment fund with a Nigerian Bank, in the form of an escrow account accessible by the Commission or Authority ; and
(b)
the Nigerian bank shall be confirm the deposit.