Section 123 — Default in payments of mineral royalties

Where any mineral royalty due and payable under this Act remains unpaid for 30 days after the due date, it qualifies as debt and attracts a penalty—

(a) 10% of the amount of the royalty payable which shall be added to the royalty due;

(b) in the case of foreign currency transactions, the royalty due shall incur interest at the prevailing SOFR or any other successor rate plus 10%; and

(c) in case of Naira transactions, the royalty due shall incur interest at the prevailing Central Bank of Nigeria Monetary Policy Rate.