Joint Venture structuring, a major determinant in the PIB – Osinbajo

The way joint ventures are structured will remain a major concern even after the the Petroleum Industry Bill (PIB) is passed, Vice President Yemi Osinbajo has said.

The Vice President said that, “no matter how the PIB is passed, there will always remain the question of who paid and who didnt”.
Osinbajo who made this assertion at the opening dinner of the Nigerian Bar Association (NBA) Section on Business Law (SBL), 10th annual Business Law Conference in Abuja further said that, the major issues in the passage of the PIB would be on how agreements are to be structured between relevant parties.

Digressing into the ease of doing business, Osinbajo who also majors in Business Law averred that; “we need to look at issues on leads to doing business and what appropriate legislation is good for it.

“There is need to enforce some of our laws and show more commitment to them. There is also the need to ease the process in getting some of these things done, and this would include some legislative twerking”, he added.

He however affirmed the cumbersomeness in commercial legislation, which he said : ” It is not a matter of access to courts, but the exit”.

Furthermore, Osinbajo urged investors to take a cursory look at carbon related businesses, which according to him will play a major role, not just as business, but also in the legal world as it relates to gas flaring.

Earlier, Augustine Alegeh, NBA President had called for a speedy passage and assent of the PIB, which he said would garner more momentum for the country’s economic stability.

According to him, “there is no need to break the PIB, let us take the easy ones out of it and pass the PIB”.

In his remarks, the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed reiterated the importance of the judiciary towards national economic empowerment, urging the legal profession to take its job judicially and diligently.

The CJN who was represented by Justice Ogwuta of the Supreme Court of Nigeria said : “It is important to know what legislative laws are needed to project the development of Nigeria. There must be consistent fairness to discourage conspirators”.

Asue Ighodalo, Chairman SBL had however in his welcome remarks had emphasised on the need for a diversification of the economy from oil, just as this has shown a need for immediate structural reforms and diversification.

He however challenged the Muhammad Buhari’s led government to be policy conaiatent and also efficient, in their implementation.

“We must do the necessary things at the right time to avoid more pains. We must be careful in creating super regulatory monsters that would discourage investors”, he added.