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The implications of Lekoil v. Ministry of Petroleum Resources
The Federal High Court (FHC), recently ruled that an indigenous oil exploration company could not deem the consent of the Minister of Petroleum Resources (the Consent) granted on default as recommended by the Executive Order One (EO1) signed in May 2017 by the Presidency.
The Judge held that EO1 could not supersede the requirement for the Consent. Considering Nigeria’s efforts at enhancing a favourable business environment, it becomes imperative to analyse the implications of this decision
In this article, Lukman Ogunsola, a Senior Manager in Tax & Regulatory Services, provides some background to the case, reviews the legal basis of the E01 and predicts the likely impact to the business community of the FHC judgment.