The Federal Government has taken proactive measures to avoid a repeat of the infamous P&ID case by inaugurating a committee to review agreements and Memoranda of Understanding (MOU) on Accelerated Gas Development Projects (AGDPs).
This move was announced by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), in a press release on Sunday.
According to 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, chaired by Mr. Olasupo Shasore (SAN), has been tasked with reviewing AGDP agreements to avoid potential liabilities and ensure the government harnesses its gas resources effectively
As Fagbemi noted, “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.”
The P&ID case, which originated from an AGDP, was a major setback for Nigeria, with the company attempting to claim $11 billion in damages. However, Nigeria secured a historic victory in October 2023, when the court ruled that the award was obtained through fraud.
The Minister expressed gratitude to committee members for serving despite their busy schedules and multiple commitments.
He added, “I thank you for your much anticipated sacrifice and contributions to the socio-economic and legal development of our dear nation. I encourage the two committees to work diligently and collaboratively to achieve the set objectives.”
Shasore, committee chair, promised that they will discharge their duties with patriotism, acknowledging that the task is onerous.
The committee’s three-month timeline will involve reviewing AGDP agreements, providing legal and commercial guidance, and promoting domestic gas revolution.
Members include Mrs. Folashade Alli, SAN, FCIARB; Mr. Tolu Obamuroh; and representatives from NNPCL, NUPRC, and the Federal Ministry of Justice.
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