By Emmanuel Oladesu Deputy Editor
Dr Olisa Agbakoba (SAN) yesterday called for review of oil and gas legal structure as baseline for repositioning the sector.
He said Nigerians were fooled by Petroleum Industry Act, lamenting its implementation has not yielded results.
Agbakoba, former Nigeria Bar Association President, noted Nigerian National Petroleum Company Limited (NNPCL) and Nigerian National Petroleum Corporation (NNPC) are the same.
He said it does not matter if the state controls oil and gas, what is important is its impact on citizens’wellbeing. Agbakoba vowed to challenge in court the cheating by joint ventures, stressing any joint ownership with International Oil Companies is unconstitutional.
The lawyer spoke with reporters in Lagos on “Rethinking Nigeti’s oil and gas governance. “
He said sections 16 and 4r of the constitution, which vests conttol on Nigeria does not permit joint ownership, and urged the Federal Government to emulate Development Oil Approach adopted by Saudi Arabia, where partners limit their participation to service.
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Agbakoba said the contract with IOCs has not benefited Nigerians, noting it is lamentable the sector was being ceded to the foreign companies.
“The values of the IOCs should not overwhelm our interests. Nigeria is the sixth largest producer of oil. Where is the benefit’’?
Noting that Nigerian oil is to the advantage of foreigners and not Nigerians, he said if IOCs leave, there are capable Nigerians to replace them.