Committee submits audit report on Accelerated Gas Development Projects
By Taiye Agbaje
The Legal Audit Committee on Associated Gas Development Projects and Arbitration Matters has handed its final report to the Attorney General of the Federation (AGF), Lateef Fagbemi, SAN.
The committee, chaired by Mr Olasupo Shasore, SAN, was tasked with auditing agreements and memoranda of understanding (MOUs) linked to Nigeria’s accelerated gas development efforts.
Shasore, the senior partner at African Law Practice (ALP) NG & Co, made this known in a statement made available to newsmen on Thursday in Abuja.
He said the project was inaugurated in November 2024 and the committee was mandated to align existing contracts with the Nigerian Gas Master Plan and to assess the extent of commercial risk Nigeria had been exposed to in past dealings.
Speaking during the presentation at the Ministry of Justice in Abuja, Shasore said that the report offered a comprehensive review of critical gas agreements and arbitration cases.
He emphasised the need for structured risk assessment in contracts involving international stakeholders, pointing to past lapses that had left Nigeria vulnerable in commercial disputes.
He said among the report’s key recommendations was the creation of a legal risk matrix to preempt disputes and enhance Nigeria’s bargaining power in high-stakes deals.
According to him, the project also calls for institutional reforms in contract management and dispute resolution, particularly in sectors involving substantial foreign investment.
“The committee’s work covered not only concluded arbitration cases but also examined how previous missteps had translated into significant financial liabilities for the country.
“By identifying legal and procedural gaps, the report aims to protect national interests in future arbitrations and gas development negotiations,” Shasore said,
Fagbemi, while receiving the report, commended the committee’s effort, describing it as a bold step towards reinforcing Nigeria’s legal and economic resilience in the global gas sector.
“This report provides a blueprint for strengthening our contractual frameworks and will guide future engagements,” he said.
The News Agency of Nigeria (NAN) reports that the committee, made up of legal and commercial experts, worked intensively for over six months to produce what it was described as a “forward-looking document”.
NAN reports that on Nov. 11,2024, Fagbemi inaugurated the committee to audit agreements Memorandums of Understanding (MoU) on AGDPs.
The move is part of efforts at preventing a repeat of the nation’s most unpleasant experience in the P&ID case which originated from one of such AGDPs.(NAN)(www.nannews.ng)
Edited by Sadiya Hamza
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