By Jeph Ajobaju, Chief Copy Editor
Vice President Yemi Osinbajo wants new guidelines for negotiators of investment and trade contract agreements for the government in order to improve terms and stop illicit financial flows.
He made the point in Abuja while declaring open a workshop for contract negotiators drawn from Ministries, Departments and Agencies (MDAs).
The training was organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Inter-Agency Committee for Stopping Illicit Financial Flows from Nigeria (IACSIFFN).
Osinbajo said: “There is need for this workshop to come up with new draft guidelines for negotiating contract agreements to be presented to the government for consideration.
“The guidelines will set out steps and processes for negotiating investment, trade and other contract agreements for Nigeria.
“It is not just poor negotiation; poor monitoring and implementation of contract agreements have dire consequences for the country. Corruption, compromise and lack of transparency are key factors in poorly drafted contract agreements.”
Osinbajo commended the IACSIFFN and ICPC for organising the workshop and urged the participants to pay attention to dispute resolution clauses skewed against the country.
ICPC Chairman Bolaji Owasanoye disclosed that the IACSIFFN will prepare draft guidelines for negotiating contract agreements and present them to the Office of the Attorney General of the Federation.
“At the moment,” he explained, “there is no mandatory depository obligation of all major agreements by MDAs. The Office of Attorney General of the Federation ought to be the official depository for all agreements.”
He called for the establishment of foreign agreements registry/oversight functions for the Office of Attorney General and the National Assembly (NASS) to reduce vagueness of contract agreements.
“Poorly negotiated/implemented agreements stultify development. More importantly they lead to losses rather than anticipated economic development.
“Therefore, there is a strong nexus between negotiation of agreements and attaining the aspiration to develop. The negotiation process is therefore important to development.”
IACSIFFN Chairman Adeyemi Dipeolu identified poorly negotiated and hidden contracts as one of the ways through which illicit financial flows happen.
“This workshop is being organised to help the Nigerian negotiating officials cope with international obligations.
“We want to develop core people who will make sure that agreements signed for the country and government do not lead to illicit financial flows,” he added.
Dipeolu, who is also Presidential Adviser on Economic Matters, counselled preparation through assembling a strong inter-disciplinary team, knowing negotiating objectives, and obtaining a negotiating mandate.
He advised the workshop to focus on dispute settlement matters during negotiation of contract agreements.
“It is very important that you pay close attention to the clauses on dispute settlement matters. The agreements must comply with Nigeria’s legal requirements.”