Business

Court dismisses Chinese oil company’s bid to void $100 million judgement over OPL 471 dispute

Published

1 month ago

May 8, 2026

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WhatsApp Image 2026 05 08 at 16.39.07.jpeg

A Federal High Court in Port Harcourt, Rivers State, has dismissed an application by China National Petroleum Corporation seeking to set aside a $100 million judgement awarded to Cutra International Limited over the disputed ownership of Oil Prospecting Licence (OPL) 471.

OPL 471 is located in the shallow offshore, western Niger Delta of Nigeria

In a ruling delivered on 24 April, Justice Adamu Mohammed held that the Chinese oil firm failed to show sufficient grounds for the court to vacate its earlier judgement delivered on 23 May 2025.

The judge dismissed the application entirely, ruling that the court had become “functus officio” after delivering its judgement and finding that the originating summons and hearing notices had been properly served on the company.

The dispute arose from the award of OPL 471 by Nigeria’s Ministry of Petroleum Resources to both companies in June 2006.

In the substantive judgement delivered last year, the court held that Cutra International was entitled to a 10 per cent equity participation in the oil block as the local content vehicle in the deal.

Mr Mohammed said the Chinese firm did not controvert the facts presented by the plaintiff regarding the award of the oil block and the company’s stake in it.

“By that letter, the plaintiff was the local content vehicle for OPL 471, and the equity participation for the plaintiff is 10 per cent,” the judge held.

Although the court declined to grant Cutra International the full amount of its claims due to insufficient evidence supporting certain claimed expenses and damages, it awarded the company $100 million in damages against CNPC.

In its application to set aside the judgement, CNPC argued that the suit was statute-barred, the originating summons had expired, and that the substituted service ordered by the court was defective because it involved a foreign company.

However, Mr Mohammed rejected the arguments, noting that the court had earlier renewed the originating summons in May 2024.

The judge also held that CNPC failed to establish any convention between Nigeria and its home country that would render Order 6, Rule 20, of the Federal High Court Rules applicable in the matter.

“Based on the foregoing decisions of this court, I am of the view that it will not be in the interest of justice to grant any of the reliefs sought in the instant application, and it is accordingly dismissed,” the judge ruled.

Related Topics:bid Chinese companys Court dismisses dispute judgement million oil OPL void

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Polaris Bank debunks death reports in Lagos branch fire incident

Published

7 hours ago

June 18, 2026

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Polaris Bank Limited has debunked reports claiming that over 34 persons died in a fire incident at its Broad Street branch in Lagos, describing the claims as false and misleading.

The bank issued the disclaimer in a post on X on Thursday, insisting that there were no casualties or fatalities in the fire incident.

A fire broke out on Thursday afternoon at a multi-storey building housing a Polaris Bank branch on Broad Street, Lagos Island.

The bank said the fire incident, which originated from a customer’s vehicle parked on the third-floor car park, was contained following the activation of its emergency response procedures and the prompt intervention of firefighters.

“A fire incident occurred today at the car park of our Broad Street Branch, Lagos, originating from a customer’s vehicle parked on the 3rd-floor car park.

“The fire was swiftly contained following the activation of our emergency response procedures and the prompt intervention of firefighters,” the bank stated.

READ ALSO: CBN, Polaris Bank refute liquidation rumors

Polaris Bank said it has commenced investigations to determine the cause of the fire incident, noting that reports claiming that over 34 persons were feared dead are false and misleading.

“We confirm that there were no casualties or fatalities. Reports claiming that over 34 persons were feared dead are false and misleading.

“Investigations into the incident are ongoing. We thank emergency responders, our staff, customers, and stakeholders for their support,” the bank said.

Polaris Bank urged the public to rely only on credible news platforms and its official channels for accurate information and to disregard false reports circulating online.

Business

Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million

Published

15 hours ago

June 18, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.

The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.

According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.

The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.

Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.

While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.

The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.

Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.

The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.