The Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN), has inaugurated a committee dedicated to reviewing agreements and Memoranda of Understanding (MoU) related to Accelerated Gas Development Projects (AGDPs).
Fagbemi, in a statement released by his media aide, Kamarudeen Ogundele, described the Process & Industrial Developments Limited (P&ID) debacle as an “unpleasant experience” for Nigeria, one that underscored the importance of thorough due diligence in international agreements.
The AGF stressed that the committee’s mission is to ensure Nigeria’s interests are safeguarded in all gas-related ventures by auditing existing agreements and identifying areas where Nigeria could be vulnerable to costly arbitration or litigation.
Fagbemi 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.
The statement reads, “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,” he said.
The committee, set up by President Bola Tinubu’s administration, 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.
Meanwhile, Fagbemi also inaugurated a committee for the review of Bilateral Investment Treaties and Nigerian Investment.
He 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 stated.
He, however, appreciated members for accepting to serve on the committees despite their busy schedules and commitments to other interests.
“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.
Meanwhile, in December 2023, the Economic and Financial Crimes Commission discontinued its money laundering case against Shasore, a former Lagos State Attorney-General.
The EFCC subsequently withdrew the 14 counts it filed against Shasore and his firm, Middlesex Investments Limited, before an Abuja Federal High Court.
Bala Sanga, EFCC counsel, said the discontinuation of the case followed a directive from Attorney-General Lateef Fagbemi, who requested that all cases related to P&ID should be reviewed.
Shasore, a former justice commissioner, was cleared of corruption allegations by the London Commercial Court on October 23, 2023, regarding his handling of the controversial P&ID case.
The case involved a British court awarding $11 billion against Nigeria, but Shasore was accused of accepting bribes and deliberately under-performing as lead counsel. However, Justice Robin Knowles rejected these allegations, absolving Shasore of any wrongdoing.
The P&ID case was highly publicized due to its massive financial implications and allegations of corruption.
Nigeria successfully appealed the arbitration award, with the court setting aside the $11 billion award due to P&ID’s lies and bribes to Nigerian officials.
The court found that P&ID made payments to certain officials to secure the award.(SaharaReporters)
