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The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN) Wednesday warned African countries to look out for loopholes in foreign investment deals, contracts and treaties before signing, saying they are mostly riddled with legal traps for Africa.
Fagbemi, while speaking on defending the interest of Nigeria on conflict and international investment and lessons African government should learn, said negotiation, collaborations, and coordination coupled with political will according to the minister are also very important from day one.
The AGF gave the warning at the second edition of the African Attorneys General roundtable held in Abuja.
The three-day conference with about 20 countries in attendance which was organised with support from the African Legal Support Facility, is aimed at exploring ways to strengthen dispute settlement mechanisms, improve inter-agency collaboration, and prevent contractual disagreements from escalating into full-blown arbitration proceedings
The event is themed: “Investment-State Dispute Settlement(“ISDS”); Governance in Africa: Challenges and Pathways to Resilience”
Blueprint.ng reports that AGs and key stakeholders across Africa were present at the roundtable. The first edition it can be recalled took place in Kenya.
Giving further remarks, the AGF told participants and key stakeholders present that the conference was organised to cross- fertilise ideas and share from experiences, adding: ” Essentially, Nigeria, having gone through it is learning fast.”
He said: “Nigeria is very happy to host this gathering of colleagues across Africa AGs to come and share experiences on critical issues that affect the continent as a whole and individual nations.
“Nigeria, in particular, has gained huge experience in arbitration involving investment contracts. Today, countries are here to discuss strategies for resolving commercial disputes between governments and preventing costly international arbitration claims.
“You recalled that P&ID and the recent Sunrise caes. These cases taught us lessons, and now it is an opportunity to share experiences so as to avoid certain pitfalls in the future.
“Learning from past experience, we have now set up a committee to look at the Nigeria investment Act and Gas supply review and an update on the Arbitration Act, update and let it conform with global standards and to also ensure that Federal government agreement contracts and other information relating to it are digitalised for easy accessibility.”
While counselling countries on ways to avoid working into legal ambush deliberately, he further harped on the need for verifications and urgent need for joint efforts.
Fagbemi added: “God has helped us to resist their predatory claims owing largely to an enabling environment created by the Nigerian leader, President Bola Tinubu, for the support he gave us.
“After our convergence in Nairobi two years ago, we felt we should do a follow-up. Hence, this meeting in Nigeria.
“The conference is also to examine the importance of early intervention, effective contract management, and negotiated settlements in resolving disputes before arbitration becomes necessary.”
AGF Fagbemi, the Nigeria representative at the programme, further stressed how strong political will, adequate institutional support, and cooperation among relevant ministries and agencies were crucial to the country’s success.
“In the interest of the nation, countries should learn to work out all the requre remedies, do proper things too so that a journey that should ordinarily take more than two months, for example, end up lasing years,” AGF Fagbemi said.
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