Business

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

Published

4 months ago

May 8, 2026

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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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NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria

Published

2 hours ago

September 9, 2026

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BY NKECHI NAECHE-ESÉZOBOR—The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA), on Wednesday signed a Memorandum of Understanding (MoU) establishing a Joint Technical Committee on Aviation Insurance, aimed at strengthening regulatory collaboration between the two agencies.

The agreement was formalized at a ceremony held at the NCAA headquarters in Abuja, with the Director General of the NCAA, Capt. Chris Najomo, describing it as a landmark moment for the sector.

Speaking at the event, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Segun Omosehin, described the MoU as a strategic step toward strengthening Nigeria’s aviation insurance framework and supporting the country’s broader economic ambitions.

He said the agreement represents a significant milestone in deepening collaboration between the two regulators, whose mandates, though distinct, are mutually reinforcing.

“This occasion represents not only the strengthening of institutional cooperation, but also a clear affirmation of our shared regulatory commitment to the safety, integrity, and resilience of Nigeria’s aviation ecosystem,” the Commissioner said.

He noted that effective insurance protection in the aviation sector is not merely a regulatory formality but an essential risk management tool that safeguards lives, property, businesses, and the broader economy.

Under the MoU, NAICOM will continue to provide regulatory oversight and technical expertise on insurance matters, including verifying aviation insurance arrangements and providing information on insurers licensed to underwrite aviation risks.

The agreement also establishes a Joint Technical Committee, which the Commissioner described as the “engine room” for implementing the partnership’s objectives.

The committee will be responsible for facilitating information sharing, conducting periodic reviews of insurance requirements, addressing operational challenges, coordinating stakeholder engagement, and promoting capacity building across both institutions and industry participants.

The Commissioner assured NCAA management of NAICOM’s full commitment to the committee’s success, pledging the technical support and expertise needed for effective delivery of its mandate.

Linking the partnership to national economic goals, the Commissioner said strong insurance protection remains a key enabler of investment and growth as Nigeria pursues a $1 trillion economy by 2030 under the Renewed Hope Agenda. He added that a robust insurance framework promotes public confidence in air travel, supports business continuity, facilitates access to financing, and contributes to broader economic stability.

He further stressed that compulsory aviation liability insurance serves as an important safeguard for air travellers and other stakeholders, offering assurance that compensation will be available where legally due.

Responding,, the Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Chris Ona Najomo, said the MoU reflects a long-standing working relationship between the two regulatory bodies and reinforces their joint commitment to aviation safety, financial resilience, regulatory compliance, and the protection of the travelling public and other industry stakeholders.

“Aviation remains a paradoxical industry that is globally recognised as the safest mode of transportation, yet characterised by high-impact operational risks,” Najomo said, noting that the NCAA’s safety mandate must be backed by a transparent and verifiable insurance framework.

He explained that NAICOM for several years, supported the NCAA by assessing the adequacy of insurance policies procured by aviation operators, in line with Part 18.14 of the Nigeria Civil Aviation Regulations 2023. The newly signed MoU, he said, builds on that cooperation.

“This MoU we are signing today further deepens that cooperation, enhances stakeholder confidence, and supports cost-efficient operations while addressing challenges faced by Nigerian operators,” he stated.

According to Najomo, the goal of the partnership goes beyond regulatory enforcement. He said the aim is to create a balanced environment where aviation safety and financial protection reinforce one another, while promoting sustainable insurance practices and reducing avoidable regulatory bottlenecks — in alignment with the Federal Government’s Renewed Hope Agenda.

The post NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria appeared first on Business Today NG.

Business

CBN to prioritise terrorism financing supervision

Published

10 hours ago

September 9, 2026

Preport

The Central Bank of Nigeria (CBN) has prioritised the supervision of terrorism financing as part of efforts to protect the country’s financial system from abuse by illicit actors.

The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Sidi-Ali Hakama, on Tuesday.

The supervisory focus would cover terrorism-financing risk management, transaction monitoring, targeted financial sanctions implementation, and suspicious-transaction reporting related to terrorism financing.

“This supervisory priority covers, at a high level, terrorism-financing risk management, terrorism-financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting,” CBN said.

CBN also said it would continue to apply a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-terrorism financing, and counter-proliferation financing controls across the financial sector.

“The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations,” it said.

The regulator further explained that the supervisory focus would also support Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity and the protection of the financial system.

The apex bank added that further supervisory engagement would be undertaken where necessary.

“Further supervisory engagement will be undertaken as appropriate,” it said.

This is another step by the regulator to curb terrorism financing and prevent illicit actors from abusing the financial system.

READ ALSO: CBN removes FX, government securities restrictions on discount window access

In June, CBN directed banks and other financial institutions to immediately freeze accounts and assets linked to six individuals and four Bureau de Change (BDC) operators designated for terrorism and terrorism-financing-related activities, following an update to the Nigeria Sanctions List on 18 June.

In March, the CBN also amended the Revised Regulatory Framework for BVN and Watch-List for the Nigerian Banking Industry.

The amendment introduced measures that include a temporary 24-hour watch-list for BVNs linked to suspected fraudulent transactions, restricting BVN enrolment to persons aged 18 and above, limiting phone number amendments to once, and restricting access to BVN databases to CBN-licensed financial institutions.