A 332 2003 No. 19 Communications (d) determining the amount of annual revenue required to ensure that the USP Fund remains fiscally sound, and calculation of the corresponding rate of assessment ; (e) disbursing funds to eligible entities based upon approvals by the USP Board ; USP Regulations. Management and administration of frequency spectrum. Cap. 469 LFN 1990. Illegal use of spectrum. (f) prudently investing USP Funds cash reserves under directions from the USP Board and establishing cash management procedures to ensure maximum return on investments while meeting short-term cash requirements for disbursements ; (g) regularly reporting on financial performance of the USP Fund to the USP Board ; and (h) assisting USP Secretariat in evaluating the effectiveness of the USP in meeting policy goals as set by Government and USP Board. (2) The USP Board shall, in collaboration with the Commission, determine the terms of engagement and the remuneration package for the USP Fund Managers. 120. The Commission may make regulations regarding contributions by licensees, under this Act, to the USP Fund and any other matters related to or incidental to Universal Service Provision and the establishment and operation of the USP Fund. CHAPTER VIII—TECHNICAL REGULATION PART I—SPECTRUM ASSIGNMENT 121.—(1) Notwithstanding the provisions of any other written law but subject to the provisions of this Act, the Commission shall have the sole and exclusive power to manage and administer the frequency spectrum for the communications sector and in that regard to grant licences for and regulate the use of the said frequency spectrum. (2) The powers of the Minister under the Wireless Telegraphy Act so far as they relate to communications are hereby vested in the Commission. (3) The Wireless Telegraphy Act is hereby amended by substituting— (a) for the word “Minister” or “Minister’s” wherever it occurs, other than in Sections 9,11(3),13(1),19(1),28 and 29, the word “Commission” or “Commission’s” as the case may be ; and (b) for the word “he”, “his” or “him” wherever it occurs in relation to the Minister, the word “it”, “its” or “it”, as the case may be. 122.—(1) Subject to such exemptions as are contained in this Act or as may be determined by the Commission, no person shall intentionally transmit in any part of the spectrum to provide a service unless the person holds a frequency licence issued under this Part. (2) Subject to subsection (3) of this section, a person who contravenes any prohibition under this Chapter commits an offence and on conviction is liable to— (a) a fine not less than the initial fee for the relevant licence ; (b) a fine not exceeding 10 times the initial fee for the relevant licence ; (c) imprisonment for a term not exceeding 1 year ; or (d) both such fine and imprisonment ;