The Government of Tanzania is now ‘serious’ in ensuring that the natural resources benefit all Tanzanians. You have undoubtedly heard about the new legislations which have shocked most investors. The legislations are the Natural Wealth and Resources (Permanent Sovereignty) Act, 2017 (the Permanent Sovereignty Act) and the Natural Wealth and Resources Contracts (Review and Re-Negotiation of Unconscionable Terms) Act, 2017 (the Unconscionable Terms Act). Continue reading
The Supreme Court of the United Kingdom (the “Supreme Court”) has recently handed down a landmark decision in the protracted legal saga between Nigeria’s national oil corporation and one of its foreign contractors. This decision not only provides welcome guidance on the relationship between the New York Convention (the “NYC”) and English law that is of much significance to parties seeking to enforce, or resist enforcement of awards in the U.K, it also carries global significance.