The Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN), has inaugurated a committee to audit agreements or Memorandum of Understanding (MoU) on Accelerated Gas Development Projects (AGDPs).
Fagbemi, in a statement made available to newsmen on Sunday by his media aide, Kamarudeen Ogundele said, the committee, chaired by Mr Olasupo Shasore (SAN), is tasked with a critical mission of guiding the government to avoid a repeat of the nation’s most unpleasant experience in the P&ID case which originated from one of such AGDPs.
Fagbemi said, “The Committee will keenly review the AGDP agreements to ensure archive of potential landmines or other forms of liability and achieve a final closure against predatory investors.
“The Committee’s assignment will also proffer 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 said.
The committee which has a timeline of three months has Mrs. Folashade Alli, SAN, FCIARB; Mr. Tolu Obamuroh, Olaniwun Ajayi LP – represented by Muyiwa Balogun; General Counsel & Company Secretary, NNPCL; Secretary & Legal Adviser of NUPRC; Director, Civil Litigation and Public Law (FMoJ), Mrs Memuna Shiru; and Director, Solicitors Department (FMoJ), Mrs Gladys Odegbaru, as members.
Earlier, Fagbemi inaugurated a committee for the review of Bilateral Investment Treaties and Nigerian Investment Promotion Commission Act.
The AGF 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.”
The minister appreciated members for accepting to serve on the committees despite their busy schedules and commitments to other interests and thanked them for their anticipated sacrifice and contributions to the socio-economic and legal development of the country.
He encouraged the two committees to work diligently and collaboratively to achieve the set objectives.
Responding on behalf of the committee, Shashore, who noted that the task is onerous, promised that they would discharge their duties with patriotism.
