Osinbajo Blames Lack Of Transparency For Poor Contract Negotiation In Nigeria - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

Osinbajo Blames Lack Of Transparency For Poor Contract Negotiation In Nigeria

The Source by The Source
June 28, 2021
in News
0
Buhari Govt To Impose Heavy Tax On Facebook, Twitter, Other Tech Companies In Nigeria – Osinbajo
0
SHARES
23
VIEWS
Share on Facebookshare on whatsappShare on Twitter

Vice President, Professor Yemi Osinbajo, has blamed the incessant cases of poor contract negotiations in Nigeria on corruption, lack of transparency and other factors that have bedevilled the society.

The remark by Osinbajo is coming following disputes and huge losses incurred by the Federal Government in recent times due to such negotiations with other countries and organizations.

This disclosure was made by the Vice President, while addressing a 2-day capacity building workshop for negotiations on Monday, June 28, 2021, in Abuja, according to the News Agency of Nigeria (NAN).

The workshop which was organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in conjunction with the Inter-Agency Committee on Stopping Illicit Financial Flows (IFFs) from Nigeria, seeks to help Nigeria improve its terms of engagement with the rest of the world as part of efforts to stem illicit financial flows.

During the event, Vice-President Osinbajo made reference to the P&ID case and the Strategic Alliance Contract case where Nigeria is at risk of losing billions of dollars due to poor and shrewd negotiations of the contracts.

He said that Guinea and Pakistan had suffered economic losses arising from poorly negotiated bilateral investment treaties, observing that Nigeria had also been confronted with similar issues.

He identified some factors as being responsible for the lapses to include lack of knowledge of the specific subject matter, lack of accountability and corruption.

He pointed out that people must be held responsible for poorly negotiated contracts while transparency and due process must be encouraged.

Osinbajo advocated that arbitrator that must be engaged should be experts in the subject matter in negotiating for foreign contractual agreements.

While speaking, Osinbajo called for proper negotiation by Nigeria in the ongoing discussion on climate change which he says should put into consideration Nigeria’s peculiar economic situation and needs of the citizens.

It can be recalled that in 2019, P&ID was awarded $6.6 billion in an arbitration decision against Nigeria by a UK arbitration court over a failed project to build a gas processing plant in the Southern Nigerian city of Calabar. With the accumulated interest payments, the sum went up to about $9 billion, which amounts to 20% of Nigeria’s foreign reserves.

The firm had initiated moves to identify the Nigerian assets that could be seized and it might include the country’s oil cargoes.

Nigeria, in a bid to overturn the judgment, filed an appeal through the office of the Attorney General of the Federation against the judgment

Nairametrics

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Tags: NigeriaOsinbajo
Previous Post

2021 UTME: Candidates, Parents Decry Low Scores As JAMB Releases Results

Next Post

6 Ways To Avoid Low Sperm Count

The Source

The Source

Related Posts

EHOAN Congratulate Gov Sanwo-Olu on Birthday
News

EHOAN Congratulate Gov Sanwo-Olu on Birthday

by The Source
June 25, 2025
APC and PDP flags
News

Afenifere Seeks FG’s Intervention In Osun LG Crisis

by The Source
June 25, 2025
INEC Under Fire For Giving Certificate Of Return To ‘Wrong Person’ In Ogun
News

Purported Non-Registration Of ADA Fake News – INEC

by The Source
June 25, 2025
Osun Youths stage Protest Over Alleged Politicization of Youth Conference List
News

Osun Youths stage Protest Over Alleged Politicization of Youth Conference List

by The Source
June 24, 2025
LG Crisis: Osun ALGON Calls on Tinubu to Caution CBN Against Creating Anarchy in Osun
News

LG Crisis: Osun ALGON Calls on Tinubu to Caution CBN Against Creating Anarchy in Osun

by The Source
June 24, 2025
Next Post
6 Ways To Avoid Low Sperm Count

6 Ways To Avoid Low Sperm Count

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • EHOAN Congratulate Gov Sanwo-Olu on Birthday
  • Afenifere Seeks FG’s Intervention In Osun LG Crisis
  • Purported Non-Registration Of ADA Fake News – INEC

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In