Thee Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has inaugurated a committee to audit agreements and Memorandums of Understanding related to Accelerated Gas Development Projects.
This initiative is aimed at preventing a recurrence of the nation’s negative experience in the P&ID case, which stemmed from one such agreement.
The committee, chaired by Mr. Olasupo Shasore (SAN), is composed of notable members, including Mrs. Folashade Alli (SAN), Mr. Tolu Obamuroh, Olaniwun Ajayi (represented by Muyiwa Balogun), the General Counsel and Company Secretary of NNPC, the Secretary and Legal Adviser of NUPRC, as well as senior officials from the Ministry of Justice, such as Mrs. Memuna Shiru (Director of Civil Litigation and Public Law) and Mrs. Gladys Odegbaru (Director of the Solicitors Department).
“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 effectively harness the nation’s huge gas resources in line with the Nigerian Gas Master Plan to promote domestic gas revolution,” the statement said.
The committee tasked with auditing the AGDPs has a three-month timeline to complete its mandate.
In addition to this, the AGF has previously inaugurated another committee to review Bilateral Investment Treaties and the Nigerian Investment Promotion Commission Act.
These initiatives signal a renewed commitment to promoting Nigeria’s economic growth, strengthening international partnerships, and eliminating any risks linked to inactive or underperforming agreements.
According to Mr. Kamarudeen Ogundele, the review process is part of the government’s proactive approach to ensuring the country remains competitive, attractive to global investors, and free from predatory investors.
The Attorney General expressed appreciation to the committee members for agreeing to serve, despite their busy schedules.
“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,” he added.
