“I do not think the ministerial overriding powers exercised by Nigeria’s President Muhammadu Buhari GCFR, in the Exxon Mobil/Seplat deal, was the most appropriate response to the divestment disagreement between the JV parties (NNPC Ltd and Exxon Mobil).
Rather, it sends a wrong message to other Joint Venture (JV) partners of the NNPC Ltd, that they too can disregard the ‘Right-of-First-Refusal (RFR) provision of the Joint Operating Agreement (JOA) in the JV Agreement (in asset divestment) and approach presidency for waivers.
Not only does this dress the newly established NNPC Ltd with a weak cloak but also displays a flagrant disregard for the provision of Section 2 of the Petroleum Industry Act (PIA)”
-Tolu Aderemi CIArb (UK)
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