Section 26: Foreign currency and financial transactions

(1) Each of the WAGP Companies, the shareholders, the Project Contractors, the buyers, the sellers and the shippers, and their counterparts, shall be entitled (solely in connection with the Project, or the transportation of natural gas in, or the sale of natural gas transported or to be transported through the pipeline system, or tne provision of security for their obligations under agreements in respect of the foregoing) to do the following, that is to-
(a) open, maintain and operate bank accounts in foreign currency both inside and outside Nigeria and receive payments of any kind (including without limitation revenues in connection with the sale or transportation of natural gas) directly into all or any such accounts and retain the proceeds therein and make payments from such accounts as it should think fit;
(b) transfer foreign currency into Nigeria;
(c) purchase local currency at the most favourable rate available and in any event at a rate not less favourable than that which is generally made available by the Central Bank of Nigeria;
(d) convert local currency into foreign currency at the most favourable rate available and in any event at a rate not less favourable than that generally made available by the Central Bank of Nigeria;
(e) transfer, export and hold foreign currency outside of Nigeria;
(f) obtain and use letters of credit in foreign currency;
(g) utilise foreign currency in Nigeria without restriction, other than local costs incurred in Nigeria with suppliers of goods or services who are residents of Nigeria which shall be paid in Naira;
(h) be exempted from any rule or regulation of Nigeria requiring the repatriation or mandatory conversion of foreign currency into local or any other currency;
(i) pay in foreign currency all salaries, allowances and other benefits due to any of their employees in connection with or relating to the Project, other than residents of Nigeria who are only engaged in relation to the Project in Nigeria;
(j) pay in foreign currency any amount due to foreign Project Contractors. shareholders or lenders in connection with the Project;
(k) make any other payments due in connection with or relating to the Project in foreign currency, other than costs incurred solely in Nigeria with residents of Nigeria; and
(l) enter into contracts with each other for services or the sale of goods, and to make payment for such goods or services, in any foreign currency.