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NNPC Board Shake-Up: Araraume Loses Legal Battle At Appeal Court
The Nigerian National Petroleum Company Limited (NNPC Ltd) has secured a significant legal victory after the Court of Appeal in Abuja overturned a Federal High Court ruling that reinstated Senator Ifeanyi Araraume as non-executive chairman of its board and awarded him ₦5 billion in damages.....KINDLY READ THE FULL STORY HERE▶
Delivering judgment on August 8, 2025, the appellate court upheld NNPC Ltd’s appeal, describing the earlier decision as “delivered in error” and ruling that Araraume’s suit was statute-barred. The judgment spares the state oil firm from a multi-billion-naira payout and brings an end to a two-year governance dispute.
In April 2023, the Federal High Court nullified former President Muhammadu Buhari’s 2021 decision to remove Araraume from the board, ordering his reinstatement and compensation. That verdict raised concerns within the oil and gas sector over the validity of board resolutions made since Araraume’s removal, prompting NNPC Ltd to challenge the ruling.
The Court of Appeal agreed with the company’s argument that the claim was filed outside the statutory time frame, rendering it legally incompetent. In a statement released on Wednesday, NNPC Ltd confirmed that the appellate decision not only removes a potential legal and financial risk but also secures governance stability for the company.
The statement added that the judgment “sets a corporate governance precedent in Nigerian law and upholds the validity of board resolutions critical to investment and policy direction in the oil and gas industry.”
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Uzodinma Sparks Fresh Debate, Says Imo Governorship Must Not Stay In One Zone.
Governor Hope Uzodinma of Imo State has reiterated his position that the governorship seat must continue to rotate among the state’s three senatorial zones.....KINDLY READ THE FULL STORY HERE▶
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Tinubu’s Decision To Drop Finance Minister Edun Sends Panic Through Economy.
President Bola Ahmed Tinubu’s decision to remove Wale Edun as Minister of Finance and appoint Taiwo Oyedele as his replacement on Tuesday has triggered mixed reactions across Nigeria’s economic landscape.....KINDLY READ THE FULL STORY HERE▶
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Breaking: Security Forces Neutralize Two Armed Men In Late-Night Plateau Raid.
Troops of Operation ENDURING PEACE have neutralised two armed men during a coordinated ambush in Barkin Ladi Local Government Area of Plateau State.....KINDLY READ THE FULL STORY HERE▶
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