Business
NNPC Board Chair: Buhari Answers Araraume
....KINDLY READ THE FULL STORY HERE▶
The corporation in the preliminary objection by its team of lawyers led by Konyin Ajayi, SAN, Etigwe Uwa, SAN, is further contending that Araraume’s action was statute-barred, having regard to Section 2 (A) of the Public Officers Protection Act Cap P41 LFN 2004.
NNPCL further contended that Ararume’s suit constituted an abuse of the court process being one that was not supported by law, having regard to the provisions of the Interpretation Act 2004; the Petroleum Industry Act 2021; the Companies and Allied Matters Act, 2020; and the Articles of Association of NNPCL.
Buhari in his objection by the acting Director, of Civil Litigation and Public Law Department, Federal Ministry of Justice, Mrs Maimuna Shiru, is contending that the suit was wrongly commenced by originating summons as the 75-paragraph affidavit in support thereof, raises inherently contentious facts, and the originating summons required proof by oral evidence and that the plaintiff’s suit, as constituted, is incompetent, lacking in any cause of action, nor carrying any right of action, having regard to the Statutory powers of the 1st defendant/respondent implicated in this action.
Specifically, President Buhari predicated his objection on three grounds, to wit: that the removal of Araraume (the plaintiff/respondent in the suit) as the non-executive chairman of NNPCL was done in his capacity as a Public Officer by virtue of Section 251 (1) of the 1999 Constitution (as amended); that the suit was a statute barred action, which offended the provisions of Section 2(a) of the Public Officers Protection Act, 2004 with respect to his administrative acts or decisions made on January 17, 2022, being a period of about seven months prior to the filing of this suit on September 12, 2022; and on the grounds that the suit amounted to an abuse of court process, which ultimately deprived the court of the jurisdiction to entertain it.
However, when the case was called, yesterday, Ararume’s lead counsel, Chief Chris Uche, SAN, informed the court that in line with the court’s directive at the last proceedings, all processes had been filed and served on the three defendants, adding that he was ready to identify his processes.
Responding, President Buhari represented by a lawyer from the Federal Ministry of Justice, Mr A. Shuaibu, told the court that although he was in the process of filing his defence, he has, however, filed a notice of objection to the suit.
NNPCL, represented by Mr Oluseye Opasanya, SAN, also informed the court of his client’s objection to Ararume’s suit, he claimed he was yet to be served with the amended originating summons to enable him to serve the third defendant.
However, following claims of non-service of the amended originating summons on NNPCL, the court after checking its record discovered that contrary to the position of the second defendant’s lawyer, the NNPCL has been served.
In a short ruling, Justice Ekwo, while directing the NNPCL to do proper housekeeping, ordered all parties in the suit to file and exchange all relevant processes, adding that any counsel who will file its process in the morning of the next adjourned date shall be penalized.
He accordingly adjourned the matter till January 11, 2023, to enable all parties to file and exchange necessary processes in the suit.
The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶
Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.
No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.
The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶
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Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.
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BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.
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Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.
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Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.
Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.
Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.
A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶
This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.
The revised price breakdown is as follows:
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1 kg of Cooking Gas: ₦1,020
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3 kg of Cooking Gas: ₦3,060
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5 kg of Cooking Gas: ₦5,100
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10 kg of Cooking Gas: ₦10,200
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12.5 kg of Cooking Gas: ₦12,750
This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.
Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.
By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.
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