Nigeria: Naccima Lauds FG for Setting Up Audit Panel to Review Gas Deals

12 November 2024
This Day (Lagos)
By Emmanuel Addeh

Abuja — President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, yesterday commended the federal government and the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN), for setting up a committee to audit and review agreements relating to Accelerated Gas Development Projects (AGDPs) in Nigeria.

Oye, in a statement, noted that a comprehensive review of the agreements was vital in safeguarding Nigeria's vast gas resources and promoting sustainable development in the energy sector.

He further charged the committee, headed by Mr. Olasupo Shasore (SAN) to collaborate closely with the Nigerian Extractive Industries Transparency Initiative (NEITI) and NACCIMA to achieve set goals.

"On behalf of NACCIMA, we extend our heartfelt commendations to you for the timely and astute initiative in establishing the committee to audit agreements and Memoranda of Understanding (MoU) relating to Accelerated Gas Development Projects (AGDPs).

"Your commitment to ensuring that Nigeria's legal and economic frameworks are fortified against predatory practices is commendable, especially in light of the lessons learned from the P&ID case.

"The establishment of this committee, under the capable leadership of Mr. Olasupo Shasore (SAN), reflects a proactive approach to preventing similar legal entanglements in the future.

"NACCIMA firmly believes that a comprehensive review of these agreements is vital in safeguarding Nigeria's vast gas resources and promoting sustainable development in our energy sector," he added.

In pursuit of a holistic and informed review process, NACCIMA urged the authorities to encourage the committee to collaborate closely with NEITI and NACCIMA.

"Our respective organisations are equipped with valuable insights, data, and expertise that can assist in diagnosing the root causes of previous challenges and facilitate the formulation of robust strategies to avert potential liabilities.

"Engaging with NEITI and NACCIMA will not only enhance the committee's workings but will also cultivate a broader spectrum of stakeholder involvement. We believe that such collaboration is fundamental to restoring public confidence, transparency, accountability, and efficiency in the management of Nigeria's resources.

"Once again, congratulations on this significant initiative. We deeply appreciate your dedication to the socioeconomic development of our nation and your unwavering efforts to enhance Nigeria's reputation as a viable destination for local and international investment.

"We look forward to your esteemed guidance regarding the committee's collaboration with industry stakeholders and remain eager to contribute to this noble endeavour," Oye added.

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