Business

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

Published

6 months ago

May 8, 2026

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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FG concessions Port Harcourt airport, assures workers of job security

Published

4 hours ago

November 13, 2026

PlateauReports

The Federal Government has signed a concession agreement with PH Airport Limited to manage and develop the Jeremiah Obafemi Awolowo International Airport, Port Harcourt, assuring aviation workers that the arrangement will not lead to job losses.

Minister of Aviation and Aerospace Development Festus Keyamo and the group managing director of PH Airport Limited, Eyo Asuquo, signed the deal, following consultations with aviation labour unions.

The minister’s media aide, Tunde Moshood, disclosed this in a statement on Thursday, saying the unions endorsed the agreement after receiving assurances that no aviation worker will lose their job because of the concession.

The agreement marks a new phase in the government’s plan to attract private investment into airport infrastructure and improve the management of selected airports across the country.
According to the statement, Mr Keyamo met with aviation union leaders before the formal signing to address concerns about the concession’s implications for workers.
Speaking on behalf of the unions, Ben Nnabue said workers’ welfare and job security remain central to their consideration of the agreement.

He added that organised labour will not support an arrangement that threatened the livelihoods of its members, adding that the unions are satisfied with the assurances received from the government and the concessionaire.

He also noted that the endorsement followed extensive engagement on the airport’s future and the potential effects of private-sector participation on aviation workers.

Mr Asuquo said the company intends to invest in infrastructure, improve operational standards and expand economic activities around the airport.

He described Port Harcourt’s location within the Gulf of Guinea as an advantage that could strengthen its role in regional commerce, investment and connectivity.

“Our vision goes beyond taking over the management of the airport. We are committed to driving development, expanding opportunities and creating additional jobs through investments and the growth of airport-related activities,” he stated.

READ ALSO: EXCLUSIVE: EFCC charges former Port Harcourt, Warri refinery MDs with money laundering

He added that the company intended to unlock the airport’s economic potential and strengthen its position as an aviation and commercial hub.

PREMIUM TIMES had earlier reported that the Federal Executive Council approved the concession of Port Harcourt International Airport in November 2025, alongside other projects aimed at modernising Nigeria’s aviation infrastructure and attracting private investment.

The approval formed part of the Federal Government’s broader airport concession programme, which seeks to improve airport infrastructure, operational efficiency and commercial viability through private-sector participation.

The government has argued that private investors could provide the capital and expertise needed to expand airport facilities and develop revenue-generating activities, particularly those outside conventional aviation operations.

The concession programme is designed to attract investment into airport terminals and related services, while the Federal Airports Authority of Nigeria continues to perform its statutory responsibilities.

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Business

Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

Published

12 hours ago

November 13, 2026

PlateauReports

Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

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