The Legal Audit Committee on Associated Gas Development Projects and Arbitration Matters has presented its final report to the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi.
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The committee, chaired by a legal expert and Senior Advocate of Nigeria, Olasupo Shasore, was tasked with scrutinising key agreements and memoranda of understanding tied to Nigeria’s accelerated gas development drive.
In a statement dated May 14, 2025, but made available to journalists on Thursday, Shasore, who is a senior partner at the African Law Practice NG & Co, revealed that the committee had worked tirelessly since its inauguration in November 2024, aligning legacy contracts with the Nigerian Gas Master Plan and identifying the commercial risks that have historically left Nigeria exposed.
During the formal presentation at the Ministry of Justice in Abuja, Shasore described the report as a comprehensive roadmap for future gas deals, one that lays bare past missteps and proposes bold reforms to avoid costly disputes.
“This report offers not just a review but a strategic rethink.
“Nigeria must adopt structured risk assessments in its international contracts. We’ve paid the price for oversight before, it’s time to change the narrative,” Shasore said.
According to Shasore, one of the key recommendations in the report is the development of a legal risk matrix to pre-empt disputes and boost Nigeria’s negotiating leverage in high-stakes transactions.
It also calls for institutional reforms in contract management and dispute resolution mechanisms, particularly in sectors with heavy foreign investment exposure.
“The committee didn’t just review past arbitrations. We examined how previous oversights translated into major financial liabilities and, more importantly, how to avoid them going forward,” Shasore noted.
While receiving the report, the Attorney-General commended the committee’s diligence, describing their work 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,” Fagbemi said.
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