The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi has described the botched contractual relationship between the country and an Irish firm, Process & Industrial Developments Ltd (P&ID) as an unpleasant experience that must not be repeated.
The AGF said to avert a recurrence, he has inaugurated a committee to audit agreements or MOU on Accelerated Gas Development Projects (AGDPs).
In a statement on Sunday by his spokesman, Kamarudeen Ogundele, the AGF said the committee, chaired by Olasupo Shasore (SAN), an ex-Attorney General of Lagos State, has the responsibility 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.
He added that “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 include 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.
According to Ogundele, the AGF, while inaugurating the committee said the Shasore-led committee and an earlier inaugurated committee for the review of Bilateral Investment Treaties and Nigerian Investment Promotion Commission Act, are intended to avert unintended consequences.
Ogundele quoted the AGF as explaining 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.
The AGF, he said, noted that “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.
Responding on behalf of his committee, Shashore , who noted that the task is onerous, promised that they will discharge their duties with patriotism.
