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The Rule of Law in the Nigerian oil and gas industry: NNPC v. Famfa Oil Limited

Published by BusinessDay on Thu, 07 Mar 2013


Most Nigerians and indeed Africans have, by now, heard the story of Africas richest woman. What however may be less clear to many is the legal jurisprudence that accompanies the story of Mrs. Alakija, owner of Famfa Oil. That legal aspect of the story is relevant to the Nigerian business community and to lawyers generally, as it adjudicates on, and further judicially entrenches the concept of the rule of law in business, the idea that all market participants (including government) must play by set rules and more so where a venture includes private business participants on the one hand and the regulator on the other. Consistent judicial support for the rule of law in business will give investors certainty and thereby increase investment inflows and its attendant benefits.
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