The Federal Government of Nigeria has taken a step to forestall a repeat of the embarrassment of the P&ID case by setting up the Legal Audit Committee to audit agreements and memorandum of Understanding on Accelerated Gas Development Projects, AGDPs.
Attorney General of the Federation and Minister of Justice Prince Lateef Fagbemi inaugurated the committee whose chairman is Olasupo Shasore.
Members of the committee include distinguished legal and industry experts such as Mrs. Folashade Alli, SAN; Mr. Tolu Obamuroh; Olaniwun Ajayi LP (Nigeria’s leading and largest law firm, represented by Muyiwa Balogun); General Counsel and Company Secretary, NNPCL; Secretary and Legal Adviser of NUPRC; Director, Civil Litigation and Public Law, Mrs Memuna Shiru and Director, Solicitors Department (FMoJ), Mrs Gladys Odegbaru, both of the Ministry of Justice.
According to Fagbemi, the work of the committee, to be completed in three months, will advance domestic gas growth and ensure Nigeria’s legal interests are firmly upheld on the global stage.
“We congratulate Mr. Shasore, SAN, and the entire Committee on this important assignment, confident that their expertise will contribute to a fortified legal framework for Nigeria’s gas development projects and international commercial engagements,” said Fagbemi.
“The Committee will keenly review the AGDP Agreements with a view to ensuring avoidance of potential landmines or other forms of liability and achieving a final closure against predatory investors.
“The Committee’s assignment will also proper legal and commercial guidance that will enable the government to effectively harness the nation’s huge gas resources in line with the Nigerian Gas Master Plan to promote domestic gas revolution,” he added.
Fagbemi, who had also inaugurated a Committee for the Review of Bilateral Investment Treaties and Nigerian Investment Promotion Commission Act, explained that the inauguration of the committees marked a new chapter in efforts to promote Nigeria’s economic prosperity, strengthen international partnerships and remove all potential avenues of liability from moribund or non-performing agreements.
“By this review exercise, we are taking a proactive step to ensure that our nation remains competitive and attractive to global investors and is not a haven for unscrupulous and predatory investors,” he said.
He encouraged the two committees to “work diligently and collaboratively to achieve the set objectives.”
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